U.S. CPI data increased 8.6% from a year earlier as the month of May’s inflation rate reached another lifetime high.
The Labor Department’s metrics show that rising food, gas, and energy prices have pushed the CPI data higher and shelter costs were one of the largest contributors to last month’s inflation data hike. So while a slight rise in wages has taken place for some U.S. workers, real wages dropped 0.6% from April.
Meanwhile, U.S. president Joe Biden continues to blame Russia and Vladimir Putin. “Today’s inflation report confirms what Americans already know — Putin’s price hike is hitting America hard,” Bidenat a press conference this week. However, many people are saying that shutting down the U.S. economy, the lockdowns, and the Covid-19 stimulus bills were horrible ideas.
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