Prices were 9.1 percent higher in June than a year before, exceeding expectations and surging to a 41-year high.
Department of Labor data released Wednesday morning showed that inflation picked up speed in June, rather than slowing. Prices rose by 1.3 percent during the month, up from a 1 percent increase in May. A sharp rise in energy prices, and gasoline prices particularly, helped power the annualized inflation rate to its highest levels in more than four decades. Food prices rose by 1 percent during June, and are up 10.4 percent over the past year.
Author(s): Eric Boehm
Publication Date: 13 July 2022
Publication Site: Reason