According to the BLS, energy prices reached a 40-year high (BLS).
According to the BLS Consumer Price Index, energy costs are projected to increase by 41.5% between June 2021 and June 2022. The price of gasoline increased by 59.9 percent, while the price of electricity increased by 13.7 percent. Anne Bradbury, chief executive officer of the American Exploration & Production Council, stated, “Energy is the building block of our economy, which makes today’s energy inflation numbers particularly concerning,”.
President Biden defended high inflation rates by claiming that the data were "outdated" and gas prices have decreased throughout the month of June.
The CPI increased by 1.3% between May and June due to increasing housing, transportation, and food prices, according to the CPI report.
Since President Joe Biden's inauguration, the average American's annual income has decreased by $3,400, according to a Heritage Foundation study.
Regional economics specialist at the Heritage Foundation, Antoni, asserts: ''Energy prices are trickling down into everything and American families are being crushed''.
The Biden administration attributes rising oil prices to Russia's war in Ukraine and Republican opposition to Putin's price-gouging campaign. Putin has triggered a food catastrophe in Europe by cutting off grain and electricity over the Black Sea.
According to U.S. oil firms, President Obama's environmental regulations have hindered production.
Slow White House reaction to DCNF request.
The preceding is a summary of an article that originally appeared on WND.