Gas prices feed new 40-year high for U.S. inflation
U.S. inflation likely reached a new 40-year high in June, driven up by a spike in gas costs, more expensive food and rent, and pricier cars and hotel rooms.
So far in July, however, gas prices have fallen from the eye-watering $5 a gallon reached in mid-June to an average of $4.66 nationwide as of Tuesday. That is still far higher than a year ago, but the drop points to the potential for sharply lower inflation this month and possibly in August. Excluding the volatile food and energy categories, prices likely rose 0.6% in June for the third straight month and 5.7 per cent from a year earlier.
Some economists worry that the Fed’s desire to quell inflation could cause it to hike rates too quickly, even as the economy, by some measures, is slowing. Much higher borrowing costs could tip into recession next year.
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