US inflation hits 9.1% in June 2022 40-year high driven by energy prices

The Bureau of Labor Statistics reports that the Consumer Price Index rose 9.1% year-over-year in June 2022, the highest inflation rate in 40 years since 1981. Energy prices lead, with gasoline up 59.9%. Republicans blame Biden's spending and energy policies. Economists cite Russia's invasion of Ukraine disrupting global energy markets, lingering pandemic supply chain disruptions, and residual demand from COVID relief spending. Biden's approval rating hits a low of 36-38% in polling. The Federal Reserve responds with historically aggressive rate hikes. Inflation peaks in June and begins declining through late 2022 and into 2023. By July 2024 inflation falls to 2.9%. Biden's handling of inflation remains the single biggest drag on his approval rating throughout his term.