Photo Credit: Public Domain / Wikimedia / www.commerce.gov
The United States is facing near double-digit inflation as prices continue to rise there and around the world.
The Labor Department announced Wednesday that consumer inflation leaped to 9.1 percent in the month of June, a 40-year record high.
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The pace of the consumer price index for the 12 months ending Jun 2022 was the fastest since November 1981, the Department said.
Gasoline prices skyrocketed by nearly 60 percent over a year’s time, triggering a cascade effect on the rest of the economy.
The Fed may contemplate a further increase in the interest rate to slow the economy still further. But the resulting price hike may also further raise the risk of a recession, The Wall Street Journal points out.
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