Скачать или смотреть June inflation soared 9 1% a new 40 year high amid spiking gas prices

Inflation soared in June, continuing to climb at the fastest pace in 40 years across many sectors of the economy, driven in large part by higher energy prices. The blistering consumer price index was 9. 1 percent higher in June than it was compared to a year ago, and 1. 3 percent higher than it was in May, according to a report released Wednesday by the Bureau of Labor Statistics, revealing scant signs of progress in the fight against inflation. The last time inflation reached over 9 percent was November 1981. The June data showed broad increases in the prices of food, energy and housing, confirming that inflation is now the nation’s most challenging economic problem, while raising new fears that other sources of strength in the economy — like the labor market and consumer spending — won’t be enough to fend off another recession. Driving the stunning jump was the energy index, which rose 7. 5 percent compared to May and contributed nearly half of the overall increase in inflation. That index includes prices for fuel, oil, gasoline and electricity, and it’s up 41. 6 percent for the year, the largest 12-month increase since April 1980. Yet prices also increased in lots of other categories that aren’t considered as volatile or energy-dependent, including housing, medical care and apparel.“There was not a drop of good news in this report, ” said Michael Strain, director of economic policy studies at the American Enterprise Institute. “I had an emotional reaction to this report, and I was trying to think about the last time I had an emotional reaction to an economic data release, and I think you have to go to back to the financial crisis. Dismay. Frustration. ”What’s clear is that inflation is not letting up. The upward momentum is compounding pressure on the Federal Reserve and White House to ratchet up their response to rising prices. They also must convince the American public that they can successfully slow the economy without causing the unemployment rate to go up or the economy to contract altogether. Financial markets sank on the news.“Inflation is our most pressing economic challenge. It is hitting almost every country in the world … Tackling inflation is my top priority — we need to make more progress, more quickly, in getting price increases under control, ” President Biden said in a statement. Few aspects of daily life have been left untouched by inflation. The food index rose 1 percent in June and is up 10. 4 percent compared with the previous year, the largest 12-month increase since February 1981. The price of chicken has ballooned 19 percent in the past year, the biggest increase ever. Gas prices were up 11. 2 percent in June, underscoring the economic toll Russia’s invasion of Ukraine has had on global energy markets. There’s hope that upcoming inflation data will ease down a bit, as energy and gas prices have fallen consistently in the past month. The national average for a gallon of gas ticked down to $4.


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