US Consumer Prices Climb by the Most in Nearly Eight Years

The consumer price index increased 0.6% last month, the biggest gain since August 2012, reports the Bureau of Labor Statistics.

Food prices rose 0.6% after gaining 0.7% in May. The cost of food consumed at home increased 0.7%.

Beef prices climbed 4.8%. The cost of beef has shot up 20.4% over the last 3 months.

Gasoline prices were up 12.3%

These are all, of course, very serious price increases for one month.

We still may see weakness in the overall index over the next couple of months but it is clear the prices of goods consumers are buying are climbing at a red hot pace.

In the 12 months through June, the CPI climbed 0.6% after gaining 0.1% in May.

This is only the beginning, by the early months of 2021, if not sooner, the spike in price inflation is going to be very strong and very obvious.

It is now for those buying household groceries.

-RW