Inflation Soars Over 9%

Inflation has reached its highest point since November 1981, jumping to 9.1%. The Consumer Price Index (CPI) rose 1.3% from May to June. Gasoline costs are far outpacing other inflation leaders with an 11.2% gain since last month. The national average per-gallon cost climbed to $5 in June. However, gasoline prices have fallen $0.17 over the past week and $0.37 over the past month but are still significantly above the $3.15 motorists paid during this time period in 2021.

Food inflation has slowed slightly, rising just 1% in June compared to 1.2% in May. The most significant increases are in butter, sugar, sweets and flour. Meat prices have seen some relief compared to previous months. The Federal Reserve has risen higher and is expected to deliver yet another large interest rate increase in July.

Read more on inflation and the CPI here.