Inflation picked up speed in June after another surge in oil prices drove up costs throughout the economy, according to data released Wednesday by the Labor Department.
The consumer price index (CPI) rose 1.3 percent in June and 9.1 percent over the past 12 months. Economists expected monthly inflation to hit roughly 1 percent in June after prices rose 1 percent in May, and 8.8 percent annually after reaching 8.6 percent that month.
While inflation has been rising steadily for more than a year, the war in Ukraine’s impact on global food, energy and commodity supplies has ramped up pressure on prices since the start of 2022. Much of the June increase in inflation came from a 11.2 percent rise in gasoline costs and a 1 percent increase in food prices over the past month, according to Labor Department data.
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I love the lies by omission. Money Printing and SPENDING cause inflation NOT Russia Russia Russia.