The numbers: The cost of consumer goods and services rose in June for the first time in four months largely because of higher gasoline and food prices, but inflation more broadly remained low and is likely to stay that way during the pandemic.
Yet even after the latest increase, inflation has risen less than 1% in the past year. By contrast, inflation was running at a 2.5% clip shortly before the pandemic struck. As a result, groceries prices have surged during the pandemic. The cost of what the government calls “food at home” has risen at a 5.6% yearly pace — the highest since 2011. The increase in prices tapered off in June, but it remains to be seen if prices continue to recede.Prices also rose for car insurance, clothing, medical care and shelter. Yet rents only rose 0.1%, marking the smallest increase in nine years.
Excellent analysis.
Uh. The cost of gas is way down.
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