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Rising gas, food and rent prices pushed US inflation to a new four-decade peak in June. In the month of June, the inflation rate in America has increased to 9.1 percent. After the new rate of inflation in America is revealed, it is almost certain that the US Federal Reserve can again decide to increase the interest rates.
In the US, it has been told by the government on Wednesday that the retail inflation rate has increased to 9.1 percent in the month of June. This is the biggest increase in 12 months since 1981. Let us tell you that in May 2021, the inflation rate in America was 8.6 percent. In this way, in just one month (May to June), the inflation rate has increased by 1.3%. Before that, between April and May, an increase of one percent was recorded in the inflation rate.
The ever-increasing inflation in America has affected the common people there a lot. The prices of essential commodities have increased faster than the average income. Low-income, Black Americans and Hispanic Americans have been hit hardest by inflation because a large portion of their income is spent on essentials such as housing, transportation, and food.
Although some economists are expressing hope that soon the common people of America can get relief from inflation. Gas prices have fallen from $5 a gallon in the month of June to an average of 4.66 percent in the country as of Tuesday. But, it is still higher than a year ago. Weakness in the prices of this gas gives little but hope that the inflation rate will come to a halt in the months of July and August.
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