A significant part of the price increase is due to the rise in the price of gasoline вЂ” it is significantly more expensive than last summer.
The growth of prices for consumer goods and services in the United States increased in June вЂ” the rate of inflation reached a record level for 13 years. This was reported by CNN Business on Tuesday, July 13.
вЂњThe consumer price index, a key indicator of inflation in the country, jumped by 0.9% in June alone, which was the largest monthly increase in the last 13 years,вЂќ the article says.
Over the past 12 months, total prices have increased by 5.4%, вЂњwhich was also the biggest jump in the last 13 years.вЂќ
At the same time, a significant part of the growth is due to gasoline prices, which are significantly higher than last summer, when the pandemic caused a sharp drop in demand for transportation, as well as oil prices. The cost of gas increased by 45.1% compared to last year.
вЂњBut even without taking into account unstable food and energy prices, the core consumer price index rose by 0.9% in June and 4.5% over the past 12 months,вЂќ the publication adds.
Finally, another reason for high inflation was the record prices for used cars. This segment accounts for more than a third of the total price growth. Over the past 12 months, used cars have risen in price by 10.5%.
Recall that the US economy fell to a record in 2020. Last year, the US GDP showed the worst result in more than 70 years, falling by 3.5%.