Jordan Inquirer
Business

Inflation in the US reaches new 40-year highs in June

A spike in gas, food and rent prices catapulted U.S. inflation to a record four-decade high in June, further provoking households and likely sealing the case for another steep interest rate hike by the Federal Reserve, with higher borrowing costs to follow, according to the Associated Press. A 9.1 percent increase in consumer prices was reported Wednesday, the biggest yearly increase since 1981, and an increase from May’s 8.6 percent.

Inflation in the US reaches new 40-year highs in JuneThe price rise from May to June was 1.3 percent, after prices jumped 1 percent in April. Inflation has severe impacts on the living standards of the average American, with the costs of necessities, in particular, increasing much more rapidly than average incomes as a result of the persistent price acceleration.

Related posts

UAE telecom subscribers rise to 21.9 million by end of 2020

Alena Baranova

UAE participates in Libya stabilisation conference in Tripoli

Alena Baranova

Bahrain to welcome Saudis as King Fahd Causeway re-opens

Alena Baranova