Consumer prices rose another 1.3% in June, contributing to a 9.1% spike over the past 12 months. It is the largest spike in 41 years. “The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors,” BLS said.
By Casey Harper | The Center Square
Consumer prices rose another 1.3% in June, contributing to a 9.1% spike over the past 12 months. It is the largest spike in 41 years.
The Bureau of Labor Statistics released the Consumer Price Index for All Urban Consumers (CPI-U) Wednesday, which showed June’s rise. In May, prices rose 1%.
“The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors,” BLS said. “The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indexes also rising. The food index rose 1.0 percent in June, as did the food at home index.”
Gas prices hit record highs in June, topping an average price of $5 per gallon for regular gas before dipping down to its current average of $4.63 per gallon, according to AAA. Diesel gas also hit a record high in June, which experts say leads to an increase in costs for all kinds of products as the raw goods and finished products are shipped around the world.
“The index for all items less food and energy rose 0.7 percent in June, after increasing 0.6 percent in the preceding two months,” BLS said. “While almost all major component indexes increased over the month, the largest contributors were the indexes for shelter, used cars and trucks, medical care, motor vehicle insurance, and new vehicles. The indexes for motor vehicle repair, apparel, household furnishings and operations, and recreation also increased in June. Among the few major component indexes to decline in June were lodging away from home and airline fares.”
This latest data showed the most significant increase in four decades.
“The all items index increased 9.1 percent for the 12 months ending June, the largest 12-month increase since the period ending November 1981,” BLS said. “The all items less food and energy index rose 5.9 percent over the last 12 months. The energy index rose 41.6 percent over the last year, the largest 12-month increase since the period ending April 1980. The food index increased 10.4 percent for the 12-months ending June, the largest 12-month increase since the period ending February 1981.”
Food prices have been a major pain point for Americans as those prices have steadily risen in recent months.
“The food at home index rose 12.2 percent over the last 12 months, the largest 12-month increase since the period ending April 1979,” BLS said. “All six major grocery store food group indexes increased over the span, with five of the six rising more than 10 percent. The index for other food at home increased the most, rising 14.4 percent, with the index for butter and margarine increasing 26.3 percent. The remaining groups saw increases ranging from 8.1 percent (fruits and vegetables) to 13.8 percent (cereals and bakery products). The index for food away from home rose 7.7 percent over the last year, the largest 12-month change since the period ending November 1981. The index for full service meals rose 8.9 percent over the last 12 months, and the index for limited service meals rose 7.4 percent over the last year.”
An observation of how bad things are getting:
Me, like so many women running houses, we are in the grocery store a lot and we notice these things.
The Mark Down Racks in my store are now packed daily with fruit that is getting really ripe and needs to get sold fast.
This is entirely new, to see fruit like this on the mark down rack.
It is historically filled with dented cans and things of that nature, boxes with dents.
Fruit doesn’t have a long self life. Add to this that with supply line issues and labor issues, it might be setting too long in places.
Plus, people are not buying as much fruit now to save money for meat and other more needed things.
People cannot afford to eat healthy anymore is what is going on.. and this at a time where we really need to build up our immune systems.. especially the kiddos and the elderly.
I asked the cashier and she said this was true.. she is seeing changes in peoples shopping and a whole lot of constant complaining.
I don’t imagine it’s a whole lot of fun right now to be a cashier in a grocery store.
I’m pretty furious watching my people suffer like this needlessly.
The people that couldn’t stand Donald Trump’s hair and mean tweets did this to us.
Well are they happy now?
The entire world is crashing..literally, if you are following what is going on in Germany and Sri Lanka you get what I mean. It’s no exaggeration.
Didn’t they know that when America falls, so does the world?
yes and it’s important to be nice to the grocery people and all your small (yes I mean SMALL; not the sba difinition or even the Vt ..)
they are working which is more than I can say for so very many….
Kudo’s to the Clerks and Staff!!
Wow, Victory!! Read this! From the uber liberal Guardian newspaper in UK…..they write that GREEN ENVIRO groups are saying inflation is SO BAD and causing huge spikes up in fuel and food costs….that these same ENVIRO IDIOTS…. “Done Got Woked Up”….they want to HALT bio fules so the needed grains can go to FEED PEOPLE….and they want to HALT the ban on GMO type seeds to grow BIGGER crops, for the people to be able to eat!. This is huge development. ALL the idiot, ignorant, dumb, stupid Enviro’s in VT are responsible for bio fuels and hating efficient GMO crops! The Liberal Enviro Idiot DAM is cracking 🙂 A glorious day.
“Governments should put a moratorium on the use of biofuels and lift bans on genetic modification of crops, a green campaigning group has urged, in the face of a growing global food crisis that threatens to engulf developing nations. Ending the EU’s requirement for biofuels alone would free up about a fifth of the potential wheat exports from Ukraine, and even more of its maize exports, enough to make a noticeable difference to stretched food supplies, according to analysis by the campaign group RePlanet. About 3.3m tonnes of wheat were used in 2020 as feedstock for EU biofuels, and Ukraine’s 2020 wheat exports came to about 16.4m tonnes.
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