Inflation Climbs to 9.1%, Fastest Pace in Four Decades; Most of Economy Affected, Spiked by Gasoline, Food, Housing
(SCW 7.13.22) U.S. inflation climbed to 1.3% in June 2022, with an annual rate of 9.1% across the past 12 months, before seasonal adjustments, the worst since November 1981.
Inflation also has been picking up pace, with June's rate higher than the 1.0% monthly inflation, and 8.6% annual rate, that had been tallied in May.
While gasoline, housing and food were lead contributors, increasing inflation has been broad-based.
The gasoline index rose 11.2%, while the energy index generally rose 7.5% over the month and contributed nearly half of the overall increase. The food index rose 1.0% in June. Taking out food and energy, remaining elements of the all items index still rose 0.7% for the month, a higher pace than preceding months.
Some other leading contributors to inflation included housing; cars and trucks, especially used vehicles; medical care; motor vehicle insurance; apparel; household furnishings and operations; and recreation.
> Consumer Price Index - U.S. Bureau of Labor Statistics 7.13.22
Key Words: Economy, Inflation, Energy
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