Inflation breaks post-pandemic record
The Washington Post reports “US inflation jumped to 8.6% (y/y) in May, the highest since 1981 and a new post-pandemic record… There’s little sign of a slowdown. In May alone, inflation rose 1%.”
And Americans are feeling the pinch.
A new Washington Post poll found “nearly 9 in 10 Americans say they’ve started bargain-hunting for cheaper products, and about three-quarters are cutting back on restaurants and entertainment, or putting off planned purchases.”
NRCC Comment: “Democrats’ American Rescue Plan is one of the worst bills Congress has ever passed. It was a reckless spending spree that caused the inflation crisis wreaking havoc on the American economy.” – NRCC Spokesman Mike Berg