Biggest inflation spike since 1981
NPR:
Consumer inflation jumped by more in June than at any time in the past 27 years, helping to drive down spending as Americans fought to stay ahead of rising prices and a weak economy, the government said Monday.
The Commerce Department said consumer inflation spiked 0.8 percent, the biggest gain since 1981, while spending dipped by 0.2 percent in June, after adjusting for inflation — the poorest showing since a similar drop in February.
The latest data show that the effect of government stimulus checks is waning and that $4-a-gallon gasoline, coupled with lower home values and job losses, is having an impact on consumers' spending. Consumer spending accounts for about two-thirds of national economic growth. READ IT ALL
Chatterstream
Tell us who's talking about this story. Add your link.
Comments
Get the conversation started. Add your comment.
Leave a Comment