New data reveals inflation rose 9.1% in June — Much higher than previously expected
The cost of soaring inflation has been on the list of concerns for Americans across the country, and unfortunately this latest news likely won’t make them feel any better about it. Based on recent data findings, inflation rose 9.1% in June, much higher than previously predicted by financial experts.
@CNBC reported, according to a new data from the Bureau of Labor Statistics, US inflation rose to 9.1% in June, much higher than the previous estimate of 8.8%. These latest figures mark the fastest inflation growth since November 1981. To analyze the inflation rate, experts point out the most important factors. Most of the increase in inflation came from the price of gas (up 11.2%), electricity (up 1.7% and 13.7% respectively), followed by the price of new and used car which increased by 0.7% and 1.2% respectively. ,6%.
In addition, the cost of medical care increased by 0.7%, especially dental services increased by 1.9%. Meanwhile, airfares were the only sector down, as prices fell 1.8 percent in June, though still up 34.1% from a year ago. As for food, meat, poultry, fish and eggs, they also fell, tracking a 0.4 per cent drop in June, but an 11.7 per cent increase from this time last year.
While many believe recent numbers suggest inflation may be peaking and eventually falling, Naval Federal Credit Union Economist Robert Frick feels otherwise.
“The consumer price index delivered another shock, and as painful as June’s higher numbers were, equally bad was the source of the widening inflation. Although the CPI spike was led by energy and food prices, which are global problems, prices for domestic goods and services continued to rise, from homes to cars to clothing. ,” he said.
However, it should be noted that gasoline prices have fallen across the country over the past few days, which suggests that inflation may be slowing down.
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