Tag: inflation spikes

Inflation Measure Surges Again, Hits New Three-Decade High

Michigan Star Staff
People on an escalator in an indoor shopping mall

An index measuring inflation surged at an annual rate of 4.2% last month, reaching its highest level since 1991, according to the Department of Commerce.

The personal consumption expenditures (PCE) index, which measures prices, increased 4.2% in the 12-month period between August 2020 and July 2021, according to a Department of Commerce report published Friday. Excluding volatile food and energy prices, the index spiked 3.6%, the report showed.

The last time consumer prices increased this much in one year was more than three decades ago in January 1991, CNBC reported. The figure reported Friday is in line with what economists expected.

Read More

Inflation Spikes Again, Marks Quickest Increase in 13 Years

Michigan Star Staff

Inflation surged 5.4% over the 12-month period ending in June, the quickest spike since August 2008, a Department of Labor report showed.

The consumer price index (CPI) increased 0.9% between May and June, according to the Labor Department report released Tuesday morning. Economists projected the report would show that CPI ticked up 4.7% between July 2020 and June, The Wall Street Journal reported.

“We’re in a transitional phase right now,” Joel Naroff, the chief economist at Naroff Economics, told the WSJ. “We are transitioning to a higher period of inflation and interest rates than we’ve had over the last 20 years.”

Read More