July 14th, 2022

Jack Miller, Communications Director
[email protected]


High Inflation is Driven by Energy & Food Costs, Corporate Greed 

WASHINGTON, D.C. — The U.S. economy has made tremendous strides since the beginning of the pandemic. Just last week, the White House announced that 100% of the jobs lost during the pandemic have returned and unemployment remains historically low.

Here’s what economists are saying about the latest CPI report:

“There is even less reason this time to overreact to a hot inflation reading. We all know that the main drivers of today’s large number is commodity prices (mostly energy and food), and we also know that many of these prices have fallen sharply in recent weeks. But, the price declines are so recent that they are not picked up in the June data being reported on today.” – Josh Bivens, Research Director for the Economic Policy Institute

“Today’s hot inflation number is already out of date, not reflecting falling gasoline prices and other factors that have recently gone into reverse. But hard to imagine that the Fed won’t hike by 75 anyway. The good news is that I don’t think this matters much. The long-term rates that matter for the real economy much more dependent on how high Fed funds eventually goes than on the precise path.” – Paul Krugman, New York Times columnist and Nobel laureate in economics

“CPI in June was predictably ugly. Surging gas, diesel and jet fuel prices (which hit record highs on Europe’s decision to sanction Russian oil) are the principal culprits. Inflation would be not quite half of what it is if these prices simply stopped rising…Consumer price inflation going forward is thus shaping up to be much better. Also helping out are better functioning supply chains and easing shortages as the pandemic continues to fade. This is already evident in the topping out of core (ex food and energy) inflation.” – Mark Zandi, Chief Economist at Moody’s Analytics

“June inflation numbers show continued growth in overall CPI, but they don’t capture recent price *declines* in food and energy” – Heidi Shierholz, President of the Economic Policy Institute

“While today’s report shows unacceptably high inflation, energy made up 1/2 of the mthly increase & the report is backward looking: gas prices are down $0.40, which is not fully reflected. Underscores how urgent it is for Congress to pass legislation to lower costs & the deficit.” – Brian Deese, White House Director of the National Economic Council

“Policymakers must tackle inflation at its source: by addressing the rampant corporate profiteering and snarled supply chains that are causing significant financial hardship across the country.” – Dr. Rakeen Mabud, Groundwork Collaborative’s Chief Economist  

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at and @InvestNowUSA, and