WASHINGTON—The annual inflation was 8.6% in May, according to the latest data released Friday by the Department of Labor, while overall prices rose 1% in the month of May alone, a sharp acceleration from April and an annualized rate of 12.7%. Core prices—excluding food and energy—rose 6% for the year ending in May and 0.6% for the month. Since President Biden took office, the average worker has lost $2,762 in real annual income due to higher prices.
EJ Antoni, research fellow for regional economics with The Heritage Foundation’s Center for Data Analysis, released the following statement Friday in response to Biden’s continuing inflation crisis:
“Inflation remains at 40-year highs and these horrific numbers are a direct result of the Biden administration, Congress, and the Federal Reserve spending, borrowing, and printing too much money. Excessive federal regulations, particularly in the energy sector, are fuel on the inflationary fire and have added insult to injury for hundreds of millions of Americans.
“The destructive policies of the Biden administration and the monetary malfeasance of the Federal Reserve have created this mess. Blame for the inflation crisis lies squarely with them. But instead of taking responsibility for these inexcusable price policies and promising to change course, the president has continued blaming others.
“Biden’s inexcusable comments on inflation one week ago today demonstrate that he is, at best, willfully ignorant of how his policies are relentlessly squeezing the middle class. Through the hidden tax of inflation, real earnings, meaning earnings adjusted for price increases, have fallen 5.1% under this administration while monthly savings have collapsed, falling 79% since Biden took office, and real disposable incomes continue trending down.
“Families are burning through their savings and taking on credit card debt at an alarming rate to maintain their standard of living. In short, they cannot afford to live in Biden’s America.”
For more on inflation, visit the Heritage Foundation’s Data Visualization page.
BACKGROUND: The Biden administration continues to defend its reckless and failed economic policies. This week, White House press secretary Karine Jean-Pierre claimed "the economy is in a better place than it has been” showing just how out of touch the Biden administration really is.