Civic Register
| 7.13.21
Inflation Increased in June by Most Since 2008 - How Do You Feel About Rising Prices?
How do you feel about the rise in consumer prices?
What’s the story?
- The Bureau of Labor Statistics reported Tuesday that consumer prices rose by 0.9% in June after a 0.6% seasonally-adjusted increase in May, meaning that June saw the largest one-month increase in inflation since it rose by 1% in June 2008.
- Over the last 12 months, the all items index rose by 5.4% before seasonal adjustment, which is the largest 12-month increase since a 5.4% increase in the period ending in August 2008.
What goods did prices increase the most for?
- Here’s a rundown of the common items which have seen the largest increase in inflation year-over-year (notable monthly changes in parentheses):
- Car rental prices increased 87.7%.
- Used car and truck prices increased 45.2% (including a 10.5% rise in June compared to May).
- Gas prices increased 45.1% (including a 2.5% rise in June compared to May).
- Laundry machine prices increased 29.4%.
- Airfare prices increased 24.6%.
- Moving prices increased 17.3%.
- Hotel prices increased 16.9%.
- Bacon prices increased 8.4%.
- Fruit prices increased 7.3%.
- Milk prices increased 5.6%.
- New car prices increased 5.3%.
What is inflation and how is it measured?
- Inflation is a measure of the decline of purchasing power for a given currency over time, which in the U.S. means that a dollar effectively buys less than it did in prior periods because prices rise.
- The most common way inflation is measured through the Consumer Price Index for Urban Consumers (CPI-U), which shows changes in prices paid for a “representative basket of goods and services” by an urban consumer group representing about 93% of the U.S. population.
- CPI-U includes food, energy, commodities like cars and clothes, plus services such as rent and healthcare; and the relative importance of each to the overall basket shifts according to its proportion of all spending in a given month. This overall number is known as “headline” CPI, although economists also track a metric called “core” CPI which excludes food and energy because those categories tend to have more volatility.
- The Federal Reserve aims to keep inflation at about 2% as part of its dual mandate of promoting stable prices and full employment, as a modest amount of inflation is viewed as an optimum policy in terms of encouraging consumer spending without penalizing savings and investment. When inflation starts to get out of control, the Fed raises interest rates to encourage more savings and less consumer spending.
— Eric Revell
(Photo Credit: iStock.com / sefa ozel)
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Government spending is unchecked and needs to be heavily reduced in order to combat rising inflation. Quit spending money.
The rise in prices is a result of the failed Fascist Herr Trump administration to responsibly address the Covid Pandemic. Even today the childish GOP continues to oppose science, specifically medicine, in addressing America’s health crisis. Sick Americans are unproductive workers. ‼️What a revelation!! Health care is a Human Right ‼️ The Democrats will rule America as a single party while the Failed GOP remains in the Dark Ages. #FtheGOP.
To be expected after covid. Major economic experts are not concerned
This increase Inflation so quickly is not acceptable. Congress must stop spending money we don’t have.
BEIJING BIDEN’S 100% FAULT !!!
Why is anyone surprised that moron in the White House told us what he was going to do, he’s destroying the oil , gas and coal industry fighting job growth raising taxes on everyone and wasting taxpayers money paying people to not work. He’s a Socialist not an American or for America. He’s in up to his neck tied up with Russia, China and the Ukraine getting kick backs for his support. All you sheep who voted for him need to shut the fuck up . Your just as responsible for this mess the Country headed to. And most Dummycrats are in it up to their necks also. There’s a cleansing coming of that nonexistent Dummycrat party and DC so this Country can get back to America first and the people first.
The Afghanistan interpreters need safety. Ask the soldiers they have saved American lives. Wives get their husbands back and children get their dads back due to their help.
Put democRATs in office, watch prices and taxes rise. Party of the people? NOT!
This is temporary, Folks. It’s called pent up demand. As the supply lines get back to normal and people settle in to a more normal life, the prices will decline. Now that said, they might not go back to what we consider “normal” but they will decline.
Because there is a simulation of a “cyber pandemic” striking the food supply chain going on now by the World Economic Forum (just as there was a global pandemic simulation called Event 201 just before COVID hit), it’s likely we may see an attempt at this to justify further and massive inflation.
BIDEN.......LIED TO AMERICAN PEOPLE....VOTE. 2022..🤢😡🤮🤬
The topic is inflation. There are several contributing factors but the one that seems to get the least attention is the outsourcing of goods and services. Whether it's data chips manufactured in China or call center operators in India. Seriously, we can't do that here? Remember the start of the CCP flu when Fauci went from no-mask to yes-mask only to have China reroute a U.S. shipment back to the motherland? We as a nation have historically done pretty much everything better than anyone else. The only roadblock to self-sufficiency in America is unions, which have overstayed their usefulness, and liberals that want more and more for no effort. Trump had the country on the right course. I hope that voters remember their choices when this administrations endless spending to inflation foists a recession upon us. All of those that were hellbent on advancing the progressive agenda must be held accountable. Remember, liberal progressiveness is either a cult or a mental disorder. You decide.
Kathleen T: Thanks. It really dismays me that so many people cannot seem to see ‘big picture’ issues or see the consequences of not taking strategic action to resolve problems that everyone who is paying attention knows are coming. … … … I doubt that I will still be around to witness the worse impacts of the Climate Crisis. I do have grandchildren and will have great grandchildren. I cannot fathom leaving them a world that will be difficult for them to survive within by ignoring what credentialed career scientists are predicting and what can easily be substantiated by simply ‘looking’. We have a lot of work ahead to hopefully convince enough people to look beyond what they can get tomorrow to what is needed to protect their families future.
But orange man that puts out mean tweets is gone!
And yet they're still talking about printing another several trillion dollars for a Democrat wish list of projects.
Corporate America was robbing US blind doing the pandemic now they are double downing on the robbery!!
Wages didn’t increase, because of greed Corporations. Thanks to the trillion dollars taxes break under the last person, who benefited from it himself, as well as members of Congress. Yet $15.00 hour is WAY TOO MUCH FOR WORKERS!!!
This is just another way the rich get richer and the poor get poorer.
Very concerned about rising prices, however, I am hoping this is mostly due to the covid and the prices will come down and become stable toward the end of this year.
The rise in consumer prices is terrible. Many can't afford it. The cyber attacks are to fault for some of it. Congress needs to work on getting prices down.