7.13.21
On July 13, the U.S. Labor Department released its latest Consumer Price Index Report which shows prices jumped by 5.4% over the last 12 months. This is the largest year-over-year gain since 2008. The increase in consumer demand in areas like used cars, hotel stays, and air travel coupled with supply chain deficiencies are factors attributed to the spike in inflation. While the Biden Administration has conceded that prices have risen higher than expected, they continue to assert these price gains are temporary. Although, according to some White House officials, aides and some economists have in recent weeks concluded that strong increases could linger for a year or more.