With many, including Democrats, now suggesting that President Joe Biden is the worst president in American history, the latest Consumer Price Index seems to confirm this.
It reports that American inflation hit 8.6% in May 2022 compared to May 2021, and is at its highest rate in 41 years.
The Daily Wire reports:
The Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, meaning that inflation surpassed record highs, a Friday morning report from the U.S. Bureau of Labor Statistics revealed.
The new figure surpassed the Dow Jones estimate of 8.3% year-over-year inflation — the same level seen in April 2022, according to CNBC.
Inflation refers to the percent change in the price level over a given period of time. The CPI, for example, tracks a hypothetical basket of goods and services that represents typical spending for an American household. A similar metric — Producer Price Index (PPI) — tracks price levels for businesses.
… Even as wages nominally grew between April 2021 and April 2022, real earnings dropped by 2.6% due to the faster rate of inflation.