The price of a dozen eggs hit an average of $2.70 in June, up from $1.64 last June. A gallon of gas, meanwhile, has been hovering around $5, pricing the average commute at about $30 per week. According to the most recent data released by the Labor Department, price inflation of everyday goods and services reached 9.1 percent this June — the highest level in more than four decades. At the top of the list of goods with the biggest price hikes are the bare necessities: rent, food, and fuel.

Because wages haven’t kept pace with rising costs (they’ve grown at only half the rate of inflation), and lower-income households spend over three-quarters of their income on necessities, the pain of inflation falls mostly on poor and working people, and disproportionately impacts people of color. This follows a well-worn historical pattern. As economist Diane Schanzenbach told the New York Times: ​“Low-income workers, workers with low levels of education, Black and brown workers are the first to lose their jobs and the last to get them back.”

Getting inflation under control has become a top priority for President Joe Biden, whose approval ratings recently hit their lowest point yet: just 36 percent as of July 6 — rivaling Donald Trump’s lows. Even among Democrats, approval for Biden’s presidency dipped to 69 percent, down significantly from 85 percent last summer. The economy has remained the number-one concern for forty-three weeks running.