The White House tried to frontrun this news, and it is… not good.

More from Daily Wire:

The Consumer Price Index (CPI) rose 9.1% between June 2021 and June 2022, meaning that inflation once again surpassed record highs, a Wednesday morning report from the U.S. Bureau of Labor Statistics showed.

The most recent year-over-year inflation figure exceeds the Dow Jones estimate of 8.8%.

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Between June 2021 and June 2022, the price of food increased 10.4%, the price of energy increased 41.6%, and the price of new vehicles increased 11.4%, according to the Bureau of Labor Statistics.

“Enormous deficit spending of $2.5 trillion just in FY2021 and the first 8 months of FY2022 has meant more money chasing goods,” Heritage Foundation Research Fellow Peter St. Onge told The Daily Wire. “That federal spending competes with households, driving up prices by bidding away resources for government projects.”

Earlier this week, the Biden administration braced for the dismal inflation news — but argued that the June price data is somewhat outdated due to the possible easing of inflationary pressures, especially through lower gas prices. Indeed, prices at the pump have declined over the past several weeks after hitting $5.00 per gallon in early June. As of Wednesday, the national average gas price was $4.63, according to AAA.

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St. Onge added that loose monetary policy could still have lagging effects. “Even if lockdown distortions end, new money is being printed at a rate nearly 50% higher than pre-pandemic,” he remarked. “Meanwhile, since COVID began the money supply has been expanded by 40%. Most of that excess money was saved due to pandemic fear, but as savings normalize and flood back to spending it could, like a golf ball in a snake, drive prices yet higher.”

Looks pretty bleak.

Read the rest from the Daily Wire…