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.
| Associated Press
Excluding the volatile food and energy categories, so-called core prices rose 0.7% from May to June, the biggest such increase in a year. Compared with 12 months earlier, core prices jumped 5.9%, below a recent year-over-year high of 6.4% but still exceedingly high. In addition, shipping costs and commodity prices have begun to fall. Pay increases have slowed. And surveys show that Americans’ expectations for inflation over the long run have eased — a trend that often points to more moderate price increases over time.
From May to June, the cost of dental services surged 1.9%, the biggest one-month increase since record-keeping began in 1995. Economists and markets fear a European recession is more probable than in the U.S., in particular because Russia has reduced flows of natural gas that generate electricity and keep factories humming. With thousands of sanctions already imposed on Russia to flatten its economy, the U.S. and its allies are working on new measures to starve the Russian war machine while also stopping the price of oil and gasoline from soaring to levels that could crush the global economy.
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