Taking time out from his bitter social media war with billionaire Elon Musk on Wednesday, former president Donald Trump issued a statement blaming the nation's inflation woes on "Radical Left Democrats" whom he apparently believes should spend more time doing the Fed's job and less time investigating the Jan. 6 Capitol insurrection.
On Wednesday, government economists reported that inflation for the past month hit a record 40-year-high, in part tied to fuel and food costs.
Wall Street stocks opened sharply lower. All three major indices were down more than one percent early Wednesday following the report, which showed US inflation surging to a record peak of 9.1 percent in June over the last 12 months in a report that was worse than expected.
The former president, who has reportedly been furious about the televised Jan. 6 insurrection hearings, immediately issued a statement through his "Save America" organization and on his Truth Social account to place blame for the poor economic snapshot.
According to the twice-impeached former president, "Inflation just hit ANOTHER 40-year high of 9.1%, which is terrible for our Country. Fuel prices up 60%, Airfare up 34%, Eggs up 33%—how can people survive this? How can businesses survive this?"
Making it personal he then added, "'Our Country is so weak right now because the Radical Left Democrats have no clue what they are doing. All they want to do is 'get Trump,' and they are willing to destroy our Nation to do it. America will not allow this to go on for much longer. Don't vote for the Radical Left Democrats, vote for America First Republicans—Save America!"
Driven by record-high gasoline prices, the consumer price index jumped 1.3 percent in June. Gasoline prices have retreated in recent weeks, however, a shift that some analysts predict will lead to moderating inflation in subsequent reports.
Cresset Capital's Jack Ablin called the report a "setback" that boosts the likelihood the Fed will again institute a three-quarter-point interest rate increase later this month.
"It's a very disappointing number," Ablin said.