The US annual inflation rate increased from 8.6 percent in May to 9.1 percent in June 2022, exceeding market expectations of 8.8 percent and reaching its highest level since November 1981. The price of energy increased by 41.6 percent, the most since April 1980, thanks in part to increases in gasoline (59.9 percent, the highest increase since March 1980), fuel oil (98.5 percent), electricity (13.7 percent), and natural gas (38.4 percent , the largest increase since October 2005). Food prices increased by 10.4%, the most since February 1981, and food purchases at home increased by 12.2%, the most since April 1979. Prices for housing rose by 5.6 percent, the largest since February 1991, as did those for home goods and operations, new automobiles by 11.4 percent, secondhand cars and trucks by 1.7 percent, and airline tickets by 9.5 percent (34.1 percent). Core CPI excluding food and energy. Source: U.S. Bureau of Labor Statistics.
A large portion of the world is currently experiencing significant inflation as a result of Russia's invasion of Ukraine, which has caused food and fuel prices to rise and manufacturing and transportation problems that have made some items unavailable. The latest inflation report, however, also reveals evidence of pricing pressures unrelated to the world's supply. Restaurant meals, sports event tickets, and other services are becoming more expensive.
The most recent survey serves as another evidence for consumers that it is getting harder and harder to make ends meet. Despite an increase in earnings, prices have not kept pace with the rate of growth. Average hourly wages have decreased by 3.6 percent over the past year after adjusting for price hikes.
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