Americans continue to pay high prices for goods even though there are no signs of slowing down.
The Consumer Price Index (CPI) rose to 9.1 percent in June, with housing, gasoline and food items contributing the most to the price increase.
Inflation rose to 8.6 percent for the month of May, according to data released last month by the US Bureau of Labor Statistics.
In April, inflation fell to 8.3 percent.
At the grocery store and gas station, people still have to pay exorbitant prices.
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Inflation is normal and expected in a healthy economy.
Anxiety arises when inflation begins to outpace wage growth, as is now happening in the United States.
Because it costs more to buy goods and services when inflation is high, your money has less purchasing power.
The economic slowdown is partly due to the virus and the lockdowns that started in 2020.
The Russian invasion of Ukraine is another aspect.
What is the current inflation rate?
According to data released by the US Bureau of Labor Statistics on July 13, the country’s inflation rate rose to 9.1% in June 2022.
Over the past year, home prices have risen 5.6 percent.
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During the year, there was a 10.4% increase in food costs.
GasBuddy’s head of petroleum has predicted that the first half of this year will see the highest gas prices, and that prediction has been proven correct.
As of July 13, the national average price for a gallon of gas was $4,631, down 38 cents from the previous month, according to the AAA.
Simply put, inflation is more money catching less products.
Price increases affect goods and services.
Many reasons can be attributed to this, including labor shortages, rising wages, high cost of raw materials, and even government spending.
The US economy took a hit with price increases in all areas including basic necessities such as gasoline, food and clothing.
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Here are ways to protect your money from inflation.