CPI data show biggest rise in U.S. consumer-level inflation since 2008
The numbers: The cost of living leaped in June by the largest amount since 2008 as inflation spread more broadly through the U.S. economy, raising fresh questions about whether the spike in prices will subside as quickly as the Federal Reserve predicts.
The increase easily exceeded forecasts. Economists polled by The Wall Street Journal had estimated a 0.5% advance. Another closely watched measure of inflation that omits volatile food and energy also rose 0.9% In June. The 12-month rate increased to 4.5% from 3.8% and stood at a 29-year high.Read: Higher U.S. inflation isn’t going away just yet. Here’s whyBusinesses can’t get enough supplies or labor to keep up with surging sales, forcing them to pay higher prices for almost everything. In turn, they are trying to pass those extra costs onto customers.
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