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Inflation in the United States, already at 40 year highs, rose to an annual rate of 9.1 percent in June, the Department of Labor said Wednesday. This is the highest rate since 1981.
Compared with a month earlier, the Bureau of Labor Statistics’ Consumer Price Index was up 1.3 percent.
Economists had expected CPI to rise at an annual rate of 8.8 percent, up from 8.6 percent in May. They expected a month-over-month increase of 1.1 percent.
Inflation has American families hard by raising prices for everyday necessities like food, gasoline, housing, transportation, and utilities. Huge increases in the price of gasoline in June, which hit new all-time highs several times during the month, started to sap household and business spending on other items.
Economists look to a sub-category of inflation that excludes food and fuel prices as a better guide to future inflation than the headline number. This was up 5.9 percent in June compared with 12 months earlier. For the month it rose 0.7 percent. Both were higher rates of inflation than expected. --->READ MORE HERE
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American households faced nearly $500 in additional expenses in June due to the impact of decades-high inflation, according to an analysis based on Wednesday’s worse-than-expected Consumer Price Index data.
Moody’s Analytics senior economist Ryan Sweet crunched the numbers after federal data showed inflation jumped to 9.1% in June — outpacing economists’ expectations and matching rates of increase not seen since November 1981.
The average household coughed up an extra $493 last month, according to Sweet — who calculated the figure based on average US household spending in June compared to what would have been spent in 2018 and 2019, when inflation paced at 2.1%.
“The good news is that the increases in the CPI over the past few months won’t be duplicated in July,” Sweet told The Post. “Energy and other commodity prices have dropped noticeably in July and further drops are likely.”
Inflation has continually eroded the buying power of American consumers during its run-up in recent months, with everything from groceries to gas to rent becoming more expensive. Labor shortages, rising commodity prices and the Russia-Ukraine war are just a few factors contributing to the problem. --->READ MORE HEREFollow links below to relevant/related stories:
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