Author Topic: Inflation rises to highest rate in 40 years in gauge favored by Fed  (Read 236 times)

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Inflation rises to highest rate in 40 years in gauge favored by Fed
by Joseph Lawler, Policy Editor |
 | July 29, 2022 08:34 AM

Inflation hit the highest annual rate in 40 years in June, according to the metric favored by officials at the Federal Reserve.

Headline inflation rose half a percentage point to 6.8% in the personal consumption expenditures price index, the Bureau of Economic Analysis reported Thursday morning.

Thursday's report signals that inflationary pressures are strong even after months of interest rate hikes by the Federal Reserve, a troubling sign for President Joe Biden, whose approval ratings have suffered as households have had to pay more for necessities.

Perhaps more troubling is that core inflation, which excludes the volatile prices of food and energy, rose to 4.8% after several months of declines.

White House economists have argued that the inflation reports for June are out of date because they don't reflect the drop in commodity prices that have taken place since then. Most notably, gas prices have dropped about 60 cents over the past month.

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https://www.washingtonexaminer.com/policy/economy/inflation-rises-to-highest-rate-in-40-years-in-gauge-favored-by-fed
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