Inflation jumped again in June, reaching a new four-decade high.
Inflation isn’t getting much better: Consumer prices surged again in June, reaching a new four-decade high as many Americans are already feeling frustrated with higher costs denting their budgets.
The US Consumer Price Index (CPI), which measures the change in prices for goods and services, rose 9.1 percent from a year earlier and 1.3 percent from May, according to Labor Department data released on Wednesday.
The new numbers mean the Federal Reserve is likely to continue aggressively raising interest rates, making it more expensive to borrow money in the hope that Americans will spend less. The jump in inflation is bad news for President Joe Biden, whose approval ratings are stubbornly low. And although gas prices have started to drop in recent weeks, economists and forecasters warn that the situation might not significantly improve for some time, making it harder for people to afford essentials like housing and groceries.