US inflation peaks at 9.1% as Biden announces National Security Call to action on prices

U.S. inflation reaches 9.1% in June 2022, the highest rate since December 1981, driven by pandemic supply chain disruptions and Russia's invasion of Ukraine spiking energy prices. Gas hits $5 per gallon nationally. The Federal Reserve under Jerome Powell raises interest rates from near-zero in March 2022 to 5.25-5.5% by July 2023 at the fastest pace since the Volcker era. Biden signs the Inflation Reduction Act in August, which is projected to have minimal impact on near-term inflation but represents the largest climate investment in U.S. history. Polls show inflation is the top voter concern heading into the 2022 midterms.