{"id":606784,"date":"2021-07-30T11:51:15","date_gmt":"2021-07-30T15:51:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=606784"},"modified":"2021-07-30T11:51:19","modified_gmt":"2021-07-30T15:51:19","slug":"benchmark-inflation-measure-hits-highest-level-in-30-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/benchmark-inflation-measure-hits-highest-level-in-30-years\/","title":{"rendered":"Benchmark Inflation Measure Hits Highest Level In 30 Years"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbenchmark-inflation-measure-hits-highest-level-in-30-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=606784&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1233995115-scaled-e1627660104975.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>The U.S. Department of Commerce revealed that a key inflation metric rose to its highest level since the early 1990s.<\/span><\/p>\n<p><span>According to the <\/span><a href=\"https:\/\/www.bea.gov\/news\/2021\/personal-income-and-outlays-june-2021-and-annual-update\"><span>Bureau of Economic Analysis<\/span><\/a><span>, the Personal Consumption Expenditures Price Index \u2014 which the Federal Reserve uses as a key guide for monetary policy decisions \u2014 has risen 4% between June 2020 and June 2021.&nbsp;<\/span><\/p>\n<p><span>Factoring out food and energy costs \u2014 which rose by 24.2% and 0.9% respectively \u2014 the metric saw a 3.5% increase, therefore reaching its highest level since July 1991.<\/span><\/p>\n<p><span>Beyond rising inflation, American households increased their expenditures. The Bureau of Economic Analysis explains:<\/span><\/p>\n<blockquote readability=\"10\">\n<p><i><span>The estimate for June personal income and outlays reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. Government social benefits associated with pandemic-related assistance programs declined in June. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Real disposable income, however, decreased by 0.5% in June despite an increase in personal income.<\/span><\/p>\n<p><span>A similar report from the Bureau of Labor Statistics <\/span><a href=\"https:\/\/www.dailywire.com\/news\/thanks-to-inflation-american-wages-drop-by-nearly-2\"><span>revealed<\/span><\/a><span> that \u201caverage hourly earnings\u201d in the United States have risen year-over-year by 3.6%. However, when considering inflation \u2014 specifically through the Consumer Price Index, which has risen year-over-year by 5.3% \u2014 \u201creal average hourly earnings\u201d have fallen by 1.7% over the past year.<\/span><\/p>\n<p><span>An American making $50,000 per year would therefore witness his annual earnings fall by $850.<\/span><\/p>\n<p><span>As <\/span><a href=\"https:\/\/www.dailywire.com\/news\/fed-will-not-cut-back-monetary-stimulus-despite-rising-inflation\"><span>The Daily Wire<\/span><\/a><span> previously reported, the Federal Reserve is refusing to taper its aggressive monetary stimulus despite the accelerating inflation rate. A statement from the Federal Open Market Committee after the conclusion of its most recent two-day meeting confirms that the bank will keep targeting a near-zero interest rate and purchasing $120 billion in assets every month.<\/span><\/p>\n<p><span>President Joe Biden likewise <\/span><a href=\"https:\/\/www.dailywire.com\/news\/watch-biden-says-experts-believe-inflation-is-only-temporary\"><span>holds<\/span><\/a><span> the position that the rising inflation is a temporary phenomenon.&nbsp;<\/span><\/p>\n<p><span>\u201cI want to be clear,\u201d he said in a recent speech. \u201cMy administration understands if we were to experience unchecked inflation over the long-term, that would pose a real challenge to our economy. So, while we\u2019re confident that isn\u2019t what we\u2019re seeing today, we\u2019re going to remain vigilant about any response that is needed.\u201d<\/span><\/p>\n<p><span>The Department of Labor is scheduled to reveal its data for July inflation on August 11.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of Commerce revealed that a key inflation metric rose to its highest level since the early 1990s.According to the Bureau of Economic Analysis, the Personal Consumption Expenditures &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-606784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/606784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=606784"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/606784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=606784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=606784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=606784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}