Food, Gas Prices Rise as Consumer Spending Increases
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From the RightFood, Energy Inflation Soars Amid Virus, Jobs Uncertainties
INDICATOR: June Consumer Prices, Real Earnings and Small Business Optimism
KEY DATA: CPI: +0.6%; Ex-Food and Energy: +0.2%; Food: +0.6%; Energy: +5.1%/ Real Earnings: -1.7%; Over-Year: +4.3%/ NFIB: +6.2 points
IN A NUTSHELL: “Inflation is not an issue unless you eat, drive and/or cool your house (yes, that is an oldie but goodie, but it still works).”
WHAT IT MEANS: Almost 15 years ago, I used the comment above to criticize the Fed for saying that inflation was not an issue if you exclude food and energy. That caught the...
From the LeftConsumer prices rebounded in June, but that's not the whole story
New York (CNN Business) - Consumer prices rose in June after three straight months of declines, as the cost of gas and food increased.
The consumer price index, which measures what Americans pay for everything from clothing to appliances, rose 0.6% last month on a seasonally adjusted basis, the Bureau of Labor Statistics said Tuesday. In May, prices declined 0.1%.
The consumer price index is a closely watched indicator during recessions. The National Bureau of Economic Research said last month that the United States entered a recession in February.
From the CenterGasoline, food boost U.S. consumer inflation in June
U.S. consumer prices increased by the most in nearly eight years in June as businesses reopened, but the underlying trend suggested inflation would remain muted and allow the Federal Reserve to keep injecting money into the ailing economy.
The Labor Department said on Tuesday its consumer price index increased 0.6% last month, the biggest gain since August 2012, after easing 0.1% in May. The increase, which ended three straight months of declines, was driven by rises in the prices of gasoline and food.
In the 12 months through June, the...