An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest increase in four decades, and leaving Americans with no relief from surging costs.
A man shops at a supermarket on Wednesday, July 27, 2022, in New York. An inflation gauge that is closely tracked by the Federal Reserve, Friday, July 29, jumped 6.8% in June from a year ago, the biggest increase in four decades, and leaving Americans with no relief from surging costs. from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs.
On a month-to-month basis, too, prices surged 1% in June, the biggest such rise since 2005. Even excluding the volatile food and energy categories, prices climbed 0.6% from May to June. Some signs indicate that certain categories of inflation may moderate in the coming months, though not by very much: Gas prices have fallen since mid-June from an average national peak of $5 to $4.26, according to AAA. Likewise, other commodity prices, for items such as wheat and copper, have plunged.
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