Inflation Soars 5.4%, Biggest Jump in 13 years | Prices paid by U.S. consumers surged in June to highest since 2008;

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The consumer price index jumped 0.9% in June and 5.4% from the same month last year, according to Labor Department data released Tuesday.

  • Expectations that those increases will normalize help explain the Federal Reserve’s view that inflation is transitory.
  • With inflation, from the Fed “we are told the story is transitory but the increases are going faster and for longer,” John Ryding, chief economic advisor at Brean Capital said on Bloomberg Television. “We just had a monthly increase that was about double what was expected.”
  • The median forecasts in a Bloomberg survey of economists called for a 0.5% gain in the overall CPI from the prior month and a 4.9% year-over-year increase. Treasury yields climbed following the data, while the dollar jumped and S&P 500 futures fell.

SOURCE: NEWSMAX

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