The Consumer Price Index for May rose 8.6% over the year, higher than many economists expected. It’s also a number not seen since 1981.
But it’s not just food and gasoline. Taking those out of the equation, the core price index is still up 6%.Trying to buy a car? Prices of new cars are up 12.6%, while used cars are up 16.1%.Many wages are up, particularly in lower-paying sectors. But, for many people, wages are not keeping pace with ballooning inflation.
“I’m really hoping nobody is getting paid $7.25 in this day and age,” said Joshua Salinas, referring to the federal minimum wage.“I think the Federal Reserve is going to be hiking up interest rates faster and to a far greater degree than what was anticipated earlier,” said David Macpherson, Ph.D., an economics professor at Trinity University.“I think the odds of avoiding recession have to be low,” he said.
“My administration is going to continue to do everything we can to lower the prices for the American people,” the president said after a decidedly bleak new report on consumer prices.
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