Inflation Spikes Again, Marks Quickest Increase in 13 Years

Inflation surged 5.4% over the 12-month period ending in June, the quickest spike since August 2008, a Department of Labor report showed.

The consumer price index (CPI) increased 0.9% between May and June, according to the Labor Department report released Tuesday morning. Economists projected the report would show that CPI ticked up 4.7% between July 2020 and June, The Wall Street Journal reported.

“We’re in a transitional phase right now,” Joel Naroff, the chief economist at Naroff Economics, told the WSJ. “We are transitioning to a higher period of inflation and interest rates than we’ve had over the last 20 years.”

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