Americans Face More Financial Uncertainty With Bidenflation

WASHINGTON, D.C. – Today, the Bureau of Labor Statistics released new inflation data for the month of May revealing that consumer prices increased yet again with a higher than expected inflation rate at 8.6%. This spike is most notably reflected in the cost of food and gas as prices on the shelves and at the pump reached record highs in May. With two-thirds of Americans expecting inflation to get much worse, it is a real indication that they know the Biden administration has no clear path forward for the country to combat a 40-year high inflation rate.

The burden on consumers across every sector of the economy continued for another month, with:

• The gasoline index, up 48.7%;
• The food index, up 10.1%;
• The energy index, up 34.6%;
• Used cars and trucks, up 16.1%; and
• Utility (piped) gas, up 30.2%.

CPI increased 1.0% on a monthly basis (April 2022 to May 2022), which is higher than last month which was up 0.3%, reflecting:

• The food index increased 1.2%;
• The energy index increased 3.9%; and
• The gasoline index increased 4.1%;

“Joe Biden’s failure to properly address inflation leaves hardworking Americans no choice but to compromise and sacrifice as they prepare for what seems to be a long, tumultuous road ahead of record-high costs,” said RGA Communications Director Jesse Hunt. “The Biden administration leaves families to fend for themselves while Republican governors act swiftly to put money back in the pockets of taxpayers in their states.”