The Consumer Price Index (CPI) rose 9.1% between June 2021 and June 2022, meaning that inflation once again surpassed record highs, a Wednesday morning report from the U.S. Bureau of Labor Statistics showed.

The most recent year-over-year inflation figure exceeds the Dow Jones estimate of 8.8%.

Inflation refers to the percent change in the price level over a given period of time. The CPI tracks a hypothetical basket of goods and services that represents typical spending for an American household. Rises in the price level that outpace rises in wages imply that Americans are spending a greater portion of their income on goods and services.

Between June 2021 and June 2022, the price of food increased 10.4%, the price of energy increased 41.6%, and the price of new vehicles increased 11.4%, according to the Bureau of Labor Statistics.

“Enormous deficit spending of $2.5 trillion just in FY2021 and the first 8 months of FY2022 has meant more money chasing goods,” Heritage Foundation Research Fellow Peter St. Onge told The Daily Wire. “That federal spending competes with households, driving up prices by bidding away resources for government projects.”