Inflation Runs at a 26-Year High
The once-mighty US dollar is full of hot air, or at least the rate of inflation is at a 26-year high due to the recent economic toils and astronomical energy prices Prices U consumers pay shot up 11 percent in June -- or more directly, your paycheck just got 11 percent smaller.
The once-mighty U.S. dollar is full of hot air, or at least the rate of inflation is at a 26-year high due to the recent economic toils and astronomical energy prices. Prices U.S. consumers pay shot up 1.1 percent in June — or more directly, your paycheck just got 1.1 percent smaller.
Rock Solid JournalismThe BBC:
US inflation accelerated at the fastest rate in 26 years in June, fuelled higher by surging energy prices, official figures have shown.
Consumer prices rose by 1.1% in June, the Labor Department said, more than the 0.7% many analysts had expected.
Federal Reserve boss Ben Bernanke said on Tuesday that the threat of rising inflation had intensified recently.
High inflation will make it harder for the Fed to cut rates and boost an economy hurt by a housing market slump.
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