US inflation reached a new 40-year high in June of 9.1%

, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.

Some economists have held out hope that inflation might be reaching or nearing a short-term peak. Gas prices, for example, have fallen from the eye-watering $5 a gallon reached in mid-June to an average of $4.63 nationwide Wednesday — still far higher than a year ago but a drop that could help slow inflation for July and possibly August.

The relentless spike in inflation has diminished consumers’ confidence in the economy, sent President Joe Biden’s approval ratings tumbling and posed a major political threat to Democrats in the November congressional elections. Forty percent of adults said that they thought tackling inflation should be a top government priority this year, up from just 14% who said so in December.

With many people priced out of the market for houses and looking instead to rent, demand for apartments has sent rental rates beyond affordable levels. The average cost of new leases has jumped 14% in the past year, according to real estate brokerage Redfin, to an average of $2,016 a month. Rental prices are adding to the pain average people are already feeling from price jumps on everyday items.

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US inflation reached a new 40-year high in June of 9.1%Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow. LetsGoBrandon Thanks POTUS But according to the leftist propaganda machine (looking at you KSL) Jan. 6th is more important. Smh…
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US inflation reached 9.1% in June, a new 40-year highConsumer prices soared 9.1% compared with a year earlier, the government said Wednesday, the biggest 12-month increase since 1981, and up from an 8.6% jump in May. 🤬🤬
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US inflation reached a new 40-year high in June of 9.1%Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, a 9.1% jump over last year.
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