At 98 dollars, the price of oil is falling, while fears of a recession are increasing.
Inflation in the US hit a 41-year high, reaching 9.1% in June from 8.6% in May.
U.S. consumer prices accelerated in June as gasoline and food costs remained high, leading to the biggest annual inflation increase in 40 years and bolstering the Fed’s case for a 75 basis point rate hike later in the year. July.
The consumer price index rose 1.3% last month after rising 1.0% in May, the US Labor Department said on Wednesday.
Economists polled by Reuters had forecast the CPI to rise 1.1 percent. Consumer prices are rising, driven by fractured global supply chains and massive fiscal stimulus by governments early in the COVID-19 pandemic.
Awful US inflation data
Headline at 9.1%, well above the median forecast of 8.8% and highest since 1991
Core also higher-than-expected.
Details appear equally worrisome
Bottom line: Further blow to economic and social well-being. Highlights Fed’s worst policy mistakes in decades— Mohamed A. El-Erian (@elerianm) July 13, 2022
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