WASHINGTON (AP) – Inflation’s relentless surge didn’t merely persist in June. It accelerated.
For the 12 months ending in June, the government’s consumer price index rocketed 9.1%, the fastest year-over-year jump since 1981.
And that was nothing next to what energy prices did: Fueled by heavy demand and by Russia’s invasion of Ukraine, energy costs shot up nearly 42% in the past 12 months, the largest such jump since 1980.
Even if you toss out food and energy prices – which are notoriously volatile and have driven much of the price spike – so-called core inflation soared 5.9% over the past year.
Consumers have endured the pain in everyday routines. Unleaded gasoline is up 61% in the past year. Men’s suits, jackets and coats, 25%, Airline tickets, 34%. Eggs 33%. Breakfast sausage, 14%.