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In the US, record inflation in 13 years

A significant part of the price increase is due to the rise in the price of gasoline — it is significantly more expensive than last summer.

The growth of prices for consumer goods and services in the United States increased in June — the rate of inflation reached a record level for 13 years. This was reported by CNN Business on Tuesday, July 13.

“The 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,” the article says.

Over the past 12 months, total prices have increased by 5.4%, “which was also the biggest jump in the last 13 years.”

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.

“But 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,” 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%.

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