The consumer price index (CPI) increased by 0.3% in June, contributing to a 2.4% rise in inflation since May 2024. The largest price increases were in shelter (3.8%) and utility gas services (14.2%). Food prices showed a 3% increase over the past year, while energy services, including electric bills, rose by 7.5%. Tariffs from major trading partners like Japan, Korea, and China further exacerbate inflationary pressures, raising consumer costs amidst ongoing market volatility.
As inflation rates rise, grocery costs and electric bills in America are expected to increase, reflecting a broader impact from tariffs and a volatile market.
The consumer price index (CPI) rose by 0.3% in June, with a 2.4% increase in inflation since May 2024, significantly impacting food and energy costs.
Rising tariffs, particularly those on imports from countries like Japan, Korea, and China, contribute to increased consumer prices in the U.S. economy.
Shelter and utility gas services saw the largest increases in the past year, with respective hikes of 3.8% and 14.2% affecting overall inflation.
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