High inflation is largely not Biden's or Trump's fault, economists say
What impact did the American Rescue Plan have on inflation?
The American Rescue Plan contributed to inflation by boosting demand through fiscal stimulus, which included direct payments to individuals, expanded unemployment benefits, and increased aid to states. However, estimates of its impact on inflation vary, with some economists attributing 1-4 percentage points of inflation to the plan. It's important to note that other factors, such as pandemic-related supply chain disruptions and Russia's invasion of Ukraine, also contributed to inflation.
What was the CPI inflation rate in June 2024?
The Consumer Price Index (CPI) inflation rate in June 2024 was 3%, declining from a 3.3% annual inflation rate in May, as reported by the Bureau of Labor Statistics. This marks a significant cool down from the 9.1% pandemic-era peak in 2022.
How did the June 2024 CPI compare to June 2023?
The Consumer Price Index (CPI) for June 2024 was 3.0% higher than in June 2023, according to the U.S. Bureau of Labor Statistics. This indicates a decrease in the annual inflation rate, as it was 3.3% in May 2024.