US annual consumer prices jumped 9.1 percent in June, the largest increase in more than four decades, leaving Americans to dig deeper to pay for gasoline, food, healthcare and rents, and the Federal Reserve most certain to hike interest rates by another 75 basis points at the end of the month. Though a global problem, stubbornly high inflation is a political risk for US President Joe Biden and his Democratic Party heading into congressional elections in November. But the daughter of Hillary Clinton compared the US President with his predecessor Donald Trump claiming he “cares deeply” about Americans.
Speaking on The View, she said: “It’s clear that the president and his administration care deeply about the American people and after his predecessor that is an important thing to acknowledge.
“He is not being passive. His administration has tried many things to get in front of the inflation crisis.
“They tried to lower prescription drug costs last year, Congress stopped that.
“They tried to lower taxes, Congress was not supportive of that.
“He’s released oil from the strategic oil reserve. The Biden administration deserves credit for what they are doing.
“We can say they should be doing more but we shouldn’t sit here and pretend they haven’t cared or they haven’t taken action because they do care and they have taken action.”
The bigger-than-expected rise in the year-on-year consumer price index reported by the Labor Department on Wednesday also reflected higher prices for a range of other goods and services, including motor vehicles, apparel and household furniture.
The CPI increased by the most in nearly 17 years on a monthly basis.
The consumer price index increased 1.3 percent last month, the biggest monthly gain since September 2005, after advancing 1.0 percent in May.
A 7.5 percent surge in energy prices accounted for nearly half of the increase in the CPI.
Gasoline prices jumped 11.2 percent after rebounding by 4.1 percent in May.
Prices at the pump have since declined considerably from June’s record highs.