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CNN, MSNBC and CNBC hosts reacted Wednesday to the June inflation report, saying it was not “good news for anyone” and that the figures were much higher than expected.
“If you’re president of the United States, there are four words you don’t want to say consecutively: ‘The worst inflation since 1981,'” MSNBC’s “Morning Joe” host Joe Scarborough said after the news broke. ” I mean, let’s go back to the days of Paul Volker, girl, that’s not good news for anyone. “
Andrew Ross Sorkin, CNBC’s “Squawk Box” presenter, joined the “Morning Joe” team to give a summary of the numbers and said it was “an even worse case politically” because the costs are hurting. ” the middle and the bottom “. the most.”
“We’re talking about rent, which is higher. We’re talking about gas, which we know is higher. And we’re taking food, which is higher. And so you see these things are persistent. It’s not changing for the time being.” he continued, adding that the good news is that gas prices have fallen slightly in recent weeks.
People shop in a supermarket as rising inflation affects consumer prices in Los Angeles, California, USA, June 13, 2022. REUTERS / Lucy Nicholson
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Inflation rose 9.1% in June from last year, reaching another 40-year high.
During CNBC’s “Squwak Box,” hosts debated where to put inflation to blame. Joe Kernen listed the “rise in Putin’s price,” supply chain problems due to the pandemic, the Fed, tax spending and energy problems. Kernen asked Steve Liesman how much blame he would place on each of these factors.
Liesman said he would blame the Fed for fifty percent, but would also put a portion of it into tax spending and supply chain problems.
Rick Santelli argued that energy issues were at the top of the list and added that central banks also shared some blame.
Kernen asked about another source of guilt, “the greedy corporations.”
U.S. President Joe Biden speaks at an event to celebrate the passage of the “Safer Communities Act” on the southern lawn of the White House in Washington, USA, July 11, 2022. (REUTERS / Kevin Lamarque / Stock Photo)
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“I just want to say this, Joe, your idea and kind of ideology raises perfect markets, and you have to leave some space out there, Joe, that there is a certain decline in competition in parts of this northern economy. -American that gives an undue effect., or a great pricing power in companies, “Liesman said. “We’ve documented research, Joe, on the idea of growing‘ monopsony, ’” he continued.
“Biden is wrong in general, but not specifically when it comes to individual monopolies that exist,” he said.
On CNN’s “New Day,” Rahel Solomon noted that the numbers were much higher than expected.
“It’s certainly not a figure the White House would want to see, nor the Fed. So 9.1% year-over-year, higher than even expectations and a new high, 1.3% over the last month. these are figures that the Fed wants to look at, it wants to see this move in the opposite direction, “he said.
He noted that core inflation, which excludes food and energy measures, has experienced a very slight decline since May, when the core was 6%, standing at 5.9%. However, monthly, core inflation rose 0.7%.
West Hollywood, CA, Tuesday, March 8, 2022 – Jesse Espersen of Topanga fills his SUV with 16,536 gallons of Super + gasoline at 7,559 per gallon for $ 125 at a Mobil station on the corner of La Cienega Blvd. and Beverly Blvd. (Robert Gauthier / Los Angeles Times via Getty Images)
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Solomon said the report reaffirms what most people already know, that inflation is “cracking” and is “everywhere these days.”
CNN’s Matt Egan told “Inside Politics” that “we haven’t seen 9.1% inflation since November 1981, when Ronald Reagan was finishing his first year in the White House. Many Americans literally they had never experienced anything like this. ”
He added that the pandemic, the Ukrainian war and the “unprecedented” stimulus from Washington, DC were driving high inflation. “It means that, you know, paychecks don’t go that far for families. And that’s very painful.” He said.
President Biden said in a statement that Wednesday’s report was “obsolete” because gas prices have fallen in recent weeks.
Hanna Panreck is an associate editor at Fox News.