From the Wall Street Journal via MSN, July 13, 2022
The consumer-price index rose 9.1% in the 12 months ended in June, the fastest pace since November 1981, the Labor Department said on Wednesday. The June increase also eclipsed May’s 8.6% rate, which led Federal Reserve officials to shift to a faster pace of benchmark interest-rate increases in its campaign to bring down inflation.
“Inflation makes everything difficult,” said Lara Rhame, chief U.S. economist for FS Investments. “It erodes your savings, your wages, your profits. It’s punishing everybody.”