Inflation gauge CPI rises 9.1% in June – CPI (Consumer Price Index) rose 9.06% from a year ago, above the Dow Jones estimate of 8.8%. Costs surged for petrol, groceries, rent and dental care.
If food and energy were excluded, core CPI rose 5.9%, compared with the estimated 5.7%. After adjusting for inflation, workers’ hourly wages fell 1% during the month and are down 3.6% from a year ago.
Inflation reaches the highest rate in almost 41 Years, as stocks declined on Wednesday. Traders are starting to price in expectations that the Federal Reserve will continue aggressively tightening monetary policy, with 81basis points (0.81%) or even a full 1%.
Inflation is the most pressing economic challenge for the Biden Administration, and Biden made tackling inflation his top priority to make more progress, more quickly, in getting price increases under control.
“I will continue to give the Federal Reserve the room it needs to help it combat inflation.” said President Joe Biden in his White house statement on the plan to fight inflation.
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Read more about Inflation gauge CPI rises 9.1% in June here https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/13/president-biden-statement-on-cpi-inflation-in-june/