Inflation climbs for third straight month, hitting 5.4 percent year over year

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Inflation climbs for third straight month, hitting 5.4 percent year over year
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Consumer prices rose for a third straight month in June, jumping by 5.4%, as soaring consumer demand continues to outstrip supply.

A shopper wearing a protective mask carries Louis Vuitton shopping bags in San Francisco, on June 10, 2021.Consumer prices rose for a third straight month in June, jumping by 5.4 percent year over year, as soaring consumer demand continues to outstrip supply.

Unleashed consumers continue to bid up goods and services, which are in tight supply due to shipping delays and worker shortages. That pushes up prices, as companies try to control demand. Some of those businesses are passing on increased costs to consumers. Meanwhile, stimulus spending and loose fiscal policy encourages shoppers to spend.Economists believe the consumer-driven economy needs some inflation to keep going and growing.

Inflation is often presented as one big number that affects the economy in powerful seen and unseen ways, since the rate of price increases indicate how quickly the economy is heating up.May's CPI data showed that inflation was up 5 percent, the highest monthly increase since 2008. For families already struggling to pay the bills, any price increase is hard.

That comes to an inflation rate of just 2.5 percent per year, a half percentage point ahead of the Federal Reserve’s target rate of 2 percent. The economic engine is running hot. But it’s not on fire.

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