After months of various Democrats insisting inflation has peaked, House Speaker Nancy Pelosi (D-CA) said that Wednesday’s Consumer Price Index, which skyrocketed to 9.1 percent in June, was probably the real peak.
Pelosi told reporters on Wednesday, “I think we’re peaking. I think we’re going to be going down from here.”
The June CPI numbers recorded an annual rate of 9.1 percent, which was higher than the 8.8 percent expected by analysts. Americans have been hit by the rising prices of everyday necessities like food, gasoline, housing, transportation, and utilities.
Breitbart News reported that for the year, house cleaning and other domestic services are up 5.1 percent, groceries are up 10.4 percent, electricity is up 13.7 percent, and household cleaning products are up 11.3 percent.
Additionally, the country saw a considerable increase in gasoline prices in June, which hit new all-time highs several times last month and even averaged above $5 a gallon for the first time, which has also helped zap the saving of American businesses and families.
The Wall Street Journal’s Chief Economics Commentator, Greg Ip, also pointed out that there have been many claims that “Inflation has peaked,” predicated on the assumption that the Fed has accomplished its mission of maintaining a strong labor market and consumer fundamentals to keep any recession mild.
However, the advantage of continually declaring peak inflation is that one day it will inevitably be the right prognosis. The longer inflation continues to rise, the better the chances are that any given report will represent the true peak. Peak inflation, however, only indicates that price increases will slow from a fast pace, not that prices will come down or stop rising.
In fact, President Joe Biden said in December 2021 that inflation “is a real problem” and a “bump” in the road, but he thought at the time that “it’s the peak of the crisis.” Later, in April 2022, then-White House press secretary Jen Psaki was unable to answer whether Biden thought inflation had peaked.
Interestingly enough, when vulnerable Democrat Rep. Elissa Slotkin (MI) was asked on Wednesday if inflation peaked, she was “just not willing to, to make some completely random remark that it’s peaked” on the day reports are coming out.
In response to the Democrats, Republican National Committee spokeswoman Nicole Morales told Breitbart News, “Nancy Pelosi is delusional. She and her party gleefully voted for Biden’s $1.9 trillion reckless spending boondoggle that lit the fire of inflation, and her party will get burnt for it come November.”