President Joe Biden and his senior advisers meet with U.S. Senator Joe Manchin (D-W.Va.), Thursday, October 7, 2021, in Counselor to the President Steve Ricchetti’s West Wing office. (Official White House Photo by Cameron Smith)
The overall rise of 8.6% is higher than the 8.3% initially predicted by analysts, the New York Post reported.
The climbing cost of living has been blamed for President Joe Biden’s sinking approval ratings. CNN senior data reporter Harry Enten said in early May that the American people should blame Biden for his “awful” economic polling numbers after the outlet found that 77% of Americans believe current economic conditions are bad.
Heightened spending of pandemic savings, a lack of goods and pressures in the service sector contributed to soaring rates of inflation, according to The New York Times. Gas prices remain the largest cause for concern as they have fueled the soaring cost of food and health care, the New York Post noted.
Analysts have suggested that the cost of a barrel will approach or surpass $140 this summer. The more that gas rises above the current $5 a gallon average, the greater the risk of recession, CNBC noted.
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