Source: Chip Somodevilla / Getty
Any hopes that inflation was cooling off in the summer were dashed by the latest Labor Department report.
Inflation spiked again in June, to a 12-month average of 9.1% – the highest rate in 40 years.
It’s not just gas and groceries that are going up: ‘core inflation’, a metric that removes food and energy prices, has gone up 5.9% over the last year.
“While today’s headline inflation reading is unacceptably high, it is also out-of-date,” President Joe Biden said in a statement Wednesday after the report was released.
” Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report.”
How have you adjusted your spending due to inflation? When do you think it will start to go down?
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