Inflation Hits 40-Year High

Fuel costs have contributed to the newest numbers. 

The economic report for June shows that prices were up broadly. Core prices, a measure that does not include food and energy, increased by 5.9 percent from a year earlier, a slightly slower pace than May. The Labor Department report said that the costs of new and used vehicles, auto insurance, and medical care all contributed to the inflationary pressures in June. 

But the overall inflation rate is posted at  9.1 percent, a four-decade high, led by prices at the pump, shelter, and food increases. Gasoline prices may have edged down a bit, suggesting inflation may have peaked and that lower inflation readings may come in the months ahead.   

As the Lord Leads, Pray with Us…

  • For insight for the members of the National Economic Council as they advise the president on the economy.
  • For Secretary Walsh as he oversees the analysis of economic and labor data.
  • For Commissioner Beach as he heads the Bureau of Labor Statistics.

Sources: Wall Street Journal, CBS News


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