Inflation exceeded expectations to come in at 9.1 percent, the highest it’s been since 1981. Economists expected the level to jump to 8.8 percent, leading me to ask, “Where do they shop?” Most consumers know the real impact of inflation on their lives is at least double what government statistics report.
Energy was up 41.6 percent for the year while food was up 10.4 percent.
The 9.1 percent rate is year over year. if you take the 1.3 percent monthly increase and convert it to an annual number, you get a rate of 15.6 percent. Either way, it’s high enough we can expect another Fed increase and higher interest rates.
Published 7/13/2022. Read full article.