Inflation higher than expected, recession fears grow
WASHINGTON D.C. – Prices across the board have skyrocketed. Groceries, gasoline, rent, and outstanding debts are leaving many Americans struggling to make ends meet. The talk of a looming recession is getting louder.
US consumer prices rose by 9.1% year-over-year, according to data released Wednesday by the Bureau of Labor Statistics. The increase was larger than expected, but the White House knew that the report was going to be worse than expected and attempted to blunt the impact by highlighting lower gas prices in recent weeks that are not reflected in the report.
According to Bloomberg estimates, economists were expecting June’s reading to show an 8.8% increase.
The Consumer Price Index for June also showed that overall prices that consumers pay for a variety of goods and services rose by 1.3% from May to June.
How much are you paying?
- Fuel Oil: +98.5%
- Gasoline: +59.9%
- Gas Utilities: +38.4%
- Electricity: +13.7%
- Food at home: +12.2%
- New Cars: +11.4%
- Overall CPI: +9.1%
- Transportation: +8.8%
- Food away from home: 7.7%
- Used Cars: +7.1%
- Shelter: +5.6%
- Apparel: +5.2%
“The Administration tried to get out in front of the bad economic news, and tell us the inflation report was going to be ugly this month, but it was even worse than markets imagined in their wildest dreams,” FWDBONDS Chief Economist Christopher Rupkey said in an emailed commentary to Yahoo News.
