Americans continue to pay higher prices for goods as inflation shows no signs of slowing.
With housing, gasoline, and food contributing the most to the price increase, the Consumer Price Index (CPI) increased to 9.1 percent in June.
The US Bureau of Labor Statistics reported last month that inflation increased to 8.6 percent for May. Inflation decreased to 8.3 percent in April.
According to data released by the US Bureau of Labor Statistics on July 13, the country's inflation rate rose to 9.1 percent in June 2022.
What is the inflation rate right now?
Over the past year, the price of housing has increased by 5.6 percent. During the year, there has been a 10.4% increase in food prices.
As of July 13, the average national price for a gallon of gas was $4.631, down 38 cents from one month earlier, according to AAA.
In other words, inflation is more money going after fewer goods. Both goods and services are affected by the price hikes.
Numerous factors can be attributed to this, including a lack of available workers, wage increases, rising costs of raw materials, and even government spending.
Due to rising prices for everything, including necessities like food, clothing, and gasoline, the American economy is suffering.