U.S. President Joe Biden said on Wednesday that the June inflation data showing the highest inflation in the United States in more than 40 years is “out-of-date” because gasoline prices have been falling over the past 30 days and are $0.40 a gallon off the record in mid-June. Today, the U.S. Bureau of Labor Statistics announced consumer prices for June 2022, saying that over the last 12 months, the all items index jumped by 9.1 percent—the fastest consumer price increase since November 1981. The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent, the Bureau of Labor Statistics said. Commenting on the inflation data, President Biden said in a statement that “While today’s headline inflation reading is unacceptably high, it is also out-of-date.” “Energy alone comprised nearly half of the monthly increase in inflation. […]