Spiking cost of gasoline pushes June consumer prices up 0.6%

The Labor Department reported Tuesday that the increase in its consumer price index followed declines of 0.4% in March, 0.8% in April and 0.1% in May as the hit to demand caused by the widespread shutdowns of the economy kept a lid on prices.

Over the past 12 months, consumer prices have increased a modest 0.8% while core inflation is up just 1.2%. “Don't be fooled by today's jump in CPI prices as the longer downturn in the economy from the coronavirus second wave all but guarantees that inflation isn't going anywhere,” said Chris Rupkey, chief financial economist at global financial group MUFG in New York. “Inflation isn't likely to reappear on the radar screens of Federal Reserve officials for years.”

“The immediate threat of deflation is over,” said Gus Faucher, chief economist at PNC Financial Services Group. “Deflation, when prices are falling broadly, can be disastrous for an economy. It can cause consumers and businesses to put off purchases in the hopes of buying at a lower price lager on, exacerbating economic downturns."

Gasoline should be like 50 cents a gallon at this point.

What the hell we can’t afford them prices

False. Gas went way down to levels not seen in 25 years because of the shutdown. Prices have increased a bit but not up to where they were before the shutdown. isn't giving the whole picture & using wrong data.

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I recall Trump bragging about getting Saudi Arabia to jack up the price of petroleum.

ABC== ALWAYS BREEDING COMMUNISM

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