WASHINGTON, July 13 — US inflation spiked again in June, jumping 5.4 per cent over the past 12 months for its biggest gain since August 2008, according to official data released today.
The vaccine-fuelled reopening of the US economy has caused inflation to accelerate due to supply bottlenecks as well as dynamics like rental car companies’ struggles to rebuild their fleets and a global shortage of semiconductors that’s hampered auto production. Ahead of the report, economists said they expected inflation to start trending down in coming months, but noted that price pressures persist.
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