A key signal that measures inflation in the United States increased by nearly 4% during the month of June, the Commerce Department said Friday.
The department said the personal consumption expenditures index, which is used by the Federal Reserve to examine inflation, was up 3.5% last month year-to-year.
That’s the highest 12-month increase since 1991.
The figure, however, was largely in line with what most analysts expected (3.6%).
The Fed has said in the past that the rise of inflation is temporary, and a reflection of economic growth since the start of the coronavirus pandemic.
Friday’s report said personal income rose 0.1% in June and disposable income fell less than 0.1%. Overall personal consumption expenditures increased 1%.
The report noted that pharmaceuticals, gasoline and non-durable goods aided in the inflation rise.
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“The Fed has said in the past that the rise of inflation is temporary, and a reflection of economic growth since the start of the coronavirus pandemic.”
We had quite a bit of growth under Donald Trump and I don’t remember inflation being in the picture. So, guess again.
Nothing to see here. Move along.
Joe Biden and inflation go hand in hand. The goal of the communist Democrats is to destroy the middle class anyway they can. The Democrats goal is to make the middle class poor. How is that for a dose of reality?
Their goal, is to destroy this NATION itself.. Not just the middle class.
it ii gonna get worse.
My feeling is “we ain’t seen nothing yet” when it comes to inflation. For one, given the worst drought in history west of the Mississippi where most of our crops and animal feed are grown (or not grown), it would be natural to assume we will be paying more for food. Gasoline, we know, is going up a lot thanks to the ending of pro-energy policies by our Democrat Greenies. Pharmaceuticals are going up just because they can, plus what does all this Covid vaccine really cost since there is massive need and no competition? We get to pay of course, but any business affected will pass along that increased tax cost…onto whom? So BOHICA, friends.
Bohica, indeed.. This whole situation is snafu!