US Consumer Prices Rise by the Most Since 2008

Headline Roundup July 13th, 2021

The U.S. Consumer Price Index (CPI) has jumped 5.4% since last June, according to the Labor Department.  This jump marks the sharpest 12-month inflation spike since 2008.

Businesses continue to recover from the impact of the coronavirus, as some face labor shortages, supply shortages and higher shipping rates. Meanwhile, the demand for products and services is growing as some businesses struggle to keep up.

From the Center
302
Economy and Jobs, inflation, consumer prices

Prices for U.S. consumers jumped in June by the most in 13 years, extending a run of higher inflation and fueling concerns that the rapidly rebounding economy is making goods and services increasingly expensive.

Tuesday’s report from the Labor Department showed that consumer prices in June rose 0.9% from May and 5.4% over the past year — the sharpest 12-month inflation spike since August 2008. Excluding volatile oil and gas prices, so-called core inflation rose 4.5% in the past year, the largest increase since November 1991.

The pickup in inflation,...

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From the Left
302
Economy and Jobs, inflation, consumer prices

Prices rose 5.4 percent in June compared with one year ago, reflecting upward surge in inflation throughout the economy, as more consumers open their wallets and supply chains struggle to bounce back from pandemic pressures.

Data released by the Bureau of Labor Statistics on Tuesday showed that prices rose 0.9 percent in the past month, a hike after prices also rose 0.6 percent in May. The price hike in June marked the largest 1-month spike since June 2008.

Still, policymakers at the Federal Reserve and White House continue to predict that as the economy...

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From the Right
302

U.S. consumer prices rose last month at the fastest pace since August 2008.

The Labor Department said Tuesday that the consumer price index rose 0.9% in June, faster than the 0.6% increase in May. Analysts surveyed by Refinitiv were expecting a 0.5% gain.

Used car prices spiked 10.5% last month, accounting for more than one-third of the increase. Additionally, energy prices climbed 1.5% month over month and food prices rose 0.8%.

Prices rose 5.4% year over year, and have been trending higher every month this year. Analysts surveyed by Refinitiv were expecting...

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