Business

Inflation in the US reaches new 40-year highs in June

A spike in gas, food and rent prices catapulted U.S. inflation to a record four-decade high in June, further provoking households and likely sealing the case for another steep interest rate hike by the Federal Reserve, with higher borrowing costs to follow, according to the Associated Press. A 9.1 percent increase in consumer prices was reported Wednesday, the biggest yearly increase since 1981, and an increase from May’s 8.6 percent.

Inflation in the US reaches new 40-year highs in JuneThe price rise from May to June was 1.3 percent, after prices jumped 1 percent in April. Inflation has severe impacts on the living standards of the average American, with the costs of necessities, in particular, increasing much more rapidly than average incomes as a result of the persistent price acceleration.

Related posts

OFID signs deal to co-finance road network in Bangladesh

Hussein Hariri

ADNOC invests over $764 million in drilling-related services

Hussein Hariri

Masdar wins bid to build $174 million solar project in Armenia

Hussein Hariri