The numbers: The cost of living leaped in June by the largest amount since 2008 as inflation spread more broadly through the U.S. economy, raising fresh questions about whether the spike in prices will subside as quickly as the Federal Reserve predicts.
The increase easily exceeded forecasts. Economists polled by The Wall Street Journal had estimated a 0.5% advance. Another closely watched measure of inflation that omits volatile food and energy also rose 0.9% In June. The 12-month rate increased to 4.5% from 3.8% and stood at a 29-year high.Read: Higher U.S. inflation isn’t going away just yet. Here’s whyBusinesses can’t get enough supplies or labor to keep up with surging sales, forcing them to pay higher prices for almost everything. In turn, they are trying to pass those extra costs onto customers.
lauferlaw 2008 Republicans crashed the economy...Obama rebuilt and of course INFLATION. 2020 Republicans crashed the economy... Biden rebuilding. Of course, INFLATION. Duhhhhhh? ALWAYS inflation during economic recovery.
DUH !!!!
lauferlaw Hmm-seems to me the same party caused this to happen back then - the RepubliQANS
Brilliant news. Gold and Silver will be even cheaper today and all time highs again for my stocks
Why do you have a picture of a fireworks store in an article about the cost of living?
horrible
That's because the economy was in the tank last year due to Trump's negligence handling of the pandemic.
The Fed is asleep at the wheel
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Source: Reuters - 🏆 2. / 97 Read more »