US Inflation Rate at 2.9% in June, Highest in 6 Years

US Inflation Rate at 2.9% in June, Highest in 6 Years

US Inflation Rate at 2.9% in June, Highest in 6 Years

US consumer prices rose in June from a year earlier at the fastest pace in more than s6 years, lifted by more expensive gas, car insurance, and higher rents.

Last Thursday, the US Labor Department said that the CPI (consumer price index) ticked up just 0.1% in June. But inflation jumped 2.9% from a year earlier, the largest annual gainer since February 2012.

Core prices, which exclude the volatile food and energy categories, rose 0.2% in June and 2.3% from a year earlier.

Solid economic growth and supply bottlenecks have pushed inflation past the Fed’s 2% target, after price gains had hung below that mark for 6 years. That is a Key reason that Fed officials expect to raise short-term rates 2X more this year.

Have a terrific week

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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