Inflation climbs higher than expected in June as price index rises 5.4%

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CNBC: Inflation continued its rapid surge in June, rising at its fastest pace in nearly 13 years amid an ongoing burst in used vehicle costs and increases in both food and energy, the Labor Department reported Tuesday.

“And he who earns wages,
Earns wages to put into a bag with holes.” Haggai 1:6

The consumer price index increased 5.4% from a year ago, the largest jump since August 2008, just before the worst of the financial crisis. Economists surveyed by Dow Jones had been expecting a 5% gain.

Stripping out volatile food and energy prices, the core CPI rose 4.5%, the sharpest move for that measure since September 1991 and well above the estimate of 3.8%.

On a monthly basis, headline and core prices both rose 0.9% against 0.5% estimates. Read More