US consumer prices skyrocket – Illinois News Today

US consumer prices skyrocket – Illinois News Today

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From Washington-US consumer prices soared in June, up 5.4% from a year ago. It was the largest annual profit since 2008 as the world’s largest economy recovered from the effects of the recession caused by the coronavirus pandemic.

Inflation in the United States was 10 in June compared to May, as the government’s Bureau of Labor Statistics confirmed on Tuesday that consumers already knew when buying groceries, cars, furniture, clothing, etc. It rose by 9%. Prices are rising.

Prices are in the past as many companies shrink their businesses and in some cases cut prices to retain remaining customers, comparing prices that fell on the worst days of the pandemic a year ago with new numbers. It has been high for several months.

But other factors are pushing up prices. Some economists say consumer prices have risen due to buyers’ demand as people are ready to spend again after a year of coronavirus hiatus and some businesses unable to keep up. I am.

Shipping costs are also rising, forcing some companies to pay higher wages to seduce workers-the costs they are passing on to consumers.

New and used car costs, as well as air travel, hotel, car rental, entertainment and recreation prices, all hit hard by pandemics, are now one of the fastest rising US economic sectors. It is one.

File-Meat products at a grocery store in Roslyn, Pennsylvania, June 15, 2021.

Grocery shoppers are also hit by price increases. This is an integral part of everyday life, apart from other items that are often delayed, such as dreamy vacations that are delayed by travel restrictions due to the coronavirus.

Federal Reserve officials and policy makers, the country’s central bank, are closely watching the rise in consumer prices. But so far, they argue that as the consumer goods supply chain improves from the pandemic, inflation over the economy subsides.

Prices are rising faster than federal officials predicted earlier this year, and policymakers are considering the best time to withdraw lending support for economic recovery.

The U.S. economy has risen 6.4% in the first three months of this year, and economists surveyed by The Wall Street Journal expect the Commerce Department to report 9.1% growth between April and June at the end of July. ..

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