New Data Suggests Prices Will Keep Climbing

“Inflation surged in June and workers’ average wages accelerated in the spring — signs that Americans won’t likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs,” the AP reports.

“An inflation gauge closely tracked by the Fed jumped 6.8% in June from a year ago, the government said Friday, the biggest such jump in four decades. Much of the increase was driven by energy and food.”

New York Times: “That combination is likely to reinforce the Fed’s determination to cool down the economy and wrestle inflation back under control.”