IN THE NEWS: INFLATION EVEN WORSE THAN EXPECTED 9.1%, NEW 40 YEAR HIGH

Inflation rose 9.1% in June as price pressures intensify

The consumer price index increased 9.1% from a year ago in June, above the 8.8% Dow Jones estimate.

Excluding food and energy, core CPI rose 5.9%, compared with the 5.7% estimate.

Costs surged for gasoline, groceries, rent and dental care.

Adjusted for inflation, workers’ hourly wages fell 1% during the month and are down 3.6% from a year ago.

MORE AT https://www.cnbc.com/2022/07/13/inflation-rose-9point1percent-in-june-even-more-than-expected-as-price-pressures-intensify.html

AND MORE

U.S. 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.

AND FROM YESTERDAY

Looming June inflation data release has White House on defensive

President Biden and White House officials are expected to come under renewed pressure on Wednesday as the latest Consumer Price Index is expected to show another decades-high inflation reading for the month of June.

Economists expect the Labor Department’s latest CPI reading to hit 8.8% compared to the same month one year earlier, according to Dow Jones data.

That would mark the fastest pace of increase since 1981 as Americans pay abnormally high prices for everyday staples such as gas, food and rent.

White House officials made a preemptive attempt at damage control ahead of the release.

READ MORE AT https://nypost.com/2022/07/12/looming-june-inflation-data-release-has-wh-on-defensive/