On Tuesday, the White House was forced to begin damage control after a highly anticipated inflation report was issued.
Biden's communications staff struggled to come up with a way to hide the fact that the majority of Americans are struggling to make ends meet in the face of a worrisome headline inflation rate.
One day before the formal release of June inflation numbers, White House press secretary Karine Jean-Pierre issued a warning to the media about the "highly elevated" rates.
Biden's energy policy, along with a protracted Ukraine conflict, pushed the price of a gallon of gas above the $5 mark in June for the first time ever. At $4.66 on Tuesday, they were still high but down significantly from their June highs.
During the first half of June, the national average price for a gallon of gas was $4.48, up from $4.48 towards the end of the month. One official estimates a 0.5 percentage point increase in June's headline inflation as a result of the recent surge in demand.
The White House is particularly interested in the "core" inflation rate, which does not take into account fluctuations in the price of food and energy due to seasonality. Food and fuel are two of the most commonly used necessities on the planet, thus this is very convenient.
Vice President Joe Biden's administration has displayed a particular interest in raising attention to the fact that inflation is soaring not only in the United States, but also in other wealthy countries throughout the world.
"Putin's price hike" is a term used by Joe Biden, the vice president of the United States, to describe the rise in prices.
According to White House spokesman Jay Carney, inflation in other nations is a "global challenge," and the White House is working to address it. Inflation in Canada was 7.7%, while it was 8.6% in Europe and 9.1% in the United Kingdom, according to a government official.
Amid warnings to the media about a possible spike in inflation in June and mentions of factors that could push the number over current market levels, White House officials aren't ready to declare that inflation has reached its apex.
According to one official, it's still too early to declare that the United States has officially hit a pricing ceiling in terms of energy. Although prices have declined over the last month, this is a positive development .'s
Because of the rapid rise in inflation, the Federal Reserve has increased interest rates aggressively. As soon as it became evident that inflation had not peaked in May, the central bank raised interest rates by three-quarters of a percentage point. After it became clear that inflation had not peaked in May, a meeting was held and this was the outcome.
Despite this, anyone with even a passing interest in economics can grasp the basics of supply and demand. That when supply is limited, prices skyrocket, and that when supply is flooded, prices fall.
The Democrats have printed a colossal amount of money to fund their proxy wars and social welfare programs, which has caused the dollar's value to plummet while also fueling massive inflation. The economy would fare better if the federal government immediately halted its spending; but, we all know this cannot happen.
The preceding is a summary of an article that originally appeared on American Examiner News.