Biden-Era Inflation in One Chart

Plus: China Recruited From the Swamp

Biden-Era Inflation in One Chart

CNBC reported that Americans experienced some slight relief as inflation slowed down in June to its lowest level in over two years. The consumer price index increased by 3% compared to the previous year, down from 4% in May, according to the U.S. Bureau of Labor Statistics. The decline in inflation was observed in categories such as energy, groceries, and housing. However, CNBC noted, “The decline in the inflation rate doesn’t mean household expenses have fallen in aggregate; it means they aren’t rising as quickly.”

While the easing of price pressures is primarily due to fading supply issues caused by the pandemic and the Russian-Ukrainian conflict, inflation remains above the Federal Reserve's target of 2%.

The Biden Administration will tout this as a win, but most Americans still feel the pain as prices remain high. CNBC offers this chart that shows categories with the highest year over year increases from June 2022 to June 2023:

RELATED: Americans turning to installment apps Klarna, Affirm to buy groceries (The Washington Post)