Quick Hit:

Inflation rose 3.3% year-over-year in May, according to the latest CPI data. Overall prices having surged over 20% since Joe Biden took office, with significant increases in essentials like gas, auto insurance, and groceries, exacerbating the economic burden on households.

Key Details:

• The consumer price index (CPI) increased by 3.3% year-over-year in May.

• Since Biden took office, overall prices have surged by nearly 20%, indicating persistent inflationary pressures.

• Essential costs have skyrocketed, with gas prices up 54.8%, auto insurance up 51.7%, and groceries up 21.2%.

Diving Deeper:

Under Joe Biden's presidency, the cost of living has soared, leaving many Americans struggling to keep up. The latest CPI data for May shows a year-over-year increase of 3.3%, with core inflation, which excludes food and energy prices, rising by 0.2%. Despite these figures being slightly below analysts' expectations, the real story is the cumulative surge in prices since Biden took office.

The data reveals that prices have risen nearly 20% during Biden's tenure, putting a significant strain on household budgets. Gas prices have shot up by 54.8%, auto insurance costs have increased by 51.7%, and the cost of leases on cars and trucks has jumped by 46.1%. Electricity bills are up 29%, baby food and formula have increased by 28.4%, pet food is 23% more expensive, and groceries and rent have both risen by 21.2%.