Inflation hit a new peak in June.
U.S. consumer prices soared 9.1% in a year, the U.S. Bureau of Labor Statistics reported Wednesday, the fastest pace since 1981.
Price spikes for gasoline, housing and food drove last month’s hot inflation.
Food costs increased 10.4% in a year with the food at home index, which measures grocery store food prices, hitting 12.2%, the highest point in 43 years. Butter jumped 26%, fruits and vegetables climbed 8.1% and cereals are up 13.8% from June to June.
From May to June, however, the cost of meat, poultry fish and eggs started to fall by 0.4%.
Although Americans are starting to see some relief at the gas pump, with the national average 32 cents lower than it was a month ago, prices remained high throughout June.
Gasoline costs went up a sharp 59.9% in a year, the consumer price index shows. In June, gas prices went up 11.2% after increasing 4.1% in May.
Despite high demand during the July 4 holiday, gas prices have fallen in recent weeks to an average of $4.67 a gallon, according to AAA.
“Usually, more people buying gas would lead to higher pump prices,” said AAA spokesperson Andrew Gross in a statement. “But the price for oil, the main ingredient in gasoline, has fallen and is hovering around $100 a barrel. Less expensive oil usually means less expensive gas.”
High price increases were also reported for household furniture, new and used vehicles and airline tickets.
Surging costs continue to eat away at wage increases which have dropped 3.6% in a year.
U.S. Inflation: 12-month change of price
Data is as of June 2021 – June 2022.
Santander UK fined £108m over money laundering failings
Santander has been fined £107.8m over "serious and persistent gaps" in its anti-money laundering controls which opened the door to "financial crime". The financial watchdog said the bank "failed to properly oversee and manage" systems aimed at verifying information...
Lebanon fails to elect new president in ninth electoral session
Lebanon's divided parliament failed for the ninth time to elect a successor to former president Michel Aoun, extending the power vacuum ― the country has been without a president and been ruled by a caretaker government with limited powers since May. The parliament...
Byblos Christmas tree brings comfort to Lebanese despite uncertain future
This year in Lebanon, hope and perseverance are symbolised by a Christmas tree. The holidays in Byblos are a dazzling sight, despite the country entering the fourth year of a financial crisis that has paralysed state institutions, caused basic services to collapse...
Mega Millions, Powerball jackpots nearly $500 million combined; Thursday’s Ohio Lottery results
The Mega Millions jackpot for the Friday, Dec. 9, 2022, drawing is an estimated $379 million, the top lottery prize this weekend. The Saturday, Dec. 10 Powerball jackpot is an estimated $116 million and Classic Lotto jackpot is $2.4 million. Thursday’s winning Ohio...
Former Ohio ICE deportation officer accused of sexually assaulting immigrants
A former U.S. Immigration and Customs Enforcement officer is facing multiple federal charges after he was accused of sexually assaulting immigrants while he was working for ICE. Andrew Golobic, 51, who reportedly lives in Cincinnati and Mason, Ohio, was arrested...
Submit your event
We will be happy to share your events. Please email us the details and pictures at publish@profilenewsohio.com
Address
P.O. Box: 311001 Independance, Ohio, 44131
Call Us
+1 (216) 269 3272
Email Us
Publish@profilenewsohio.com