Cost of Living Sees Biggest Rise Since 2008

Government report shows Inflation continues to spread throughout the economy.

The Federal Consumer Price Index was released by the Bureau of Labor Statistics this week. The report indicates that prices for consumer goods have risen to their highest level in 13 years. Small businesses are raising wages, according to the National Federation for Independent Business, but skilled workers remain hard to find. The CPI reported the June increase was 0.9%.

Supply constraints and a continued rebound in the costs of travel-related services from pandemic-suppressed travel have aided the economic momentum. Apparel sales added to the upward push as consumer demand drove up prices. Some economists are concerned that inflation is ahead for the U.S. housing market.

The president of the St. Louis Federal Reserve Bank says it is the right time for a tapering of rates by the Federal Reserve.

As the Lord Leads, Pray with Us…

  • For wisdom for legislators as they consider the federal budget and government spending.
  • For U.S. financial officials to have wisdom regarding inflation and the economic recovery.
  • For the members of the Federal Reserve as they look to ways to manage monetary policies of the U.S.

Sources: Reuters, Market Watch, Wall Street Journal


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