In June, inflation rose to 2.7% year-over-year, primarily driven by increasing rents and tariffs affecting consumer prices. Consumer prices increased by 0.3% from May to June. Prices for clothing and appliances rose due to import taxes, while energy and food costs also experienced a rise. Although gasoline prices rebounded, some categories like new and used cars saw price drops. Current tariffs imposed are at their highest since the Great Depression, affecting the overall pricing landscape and influencing Federal Reserve interest rate decisions.
Inflation reached 2.7% year-over-year in June, driven primarily by rising rents and the effects of tariffs on consumer prices.
Consumer prices rose 0.3% from May to June, indicating an upward trend in inflation attributed to import taxes on clothing and appliances.
Gasoline prices increased in June after falling recently, contributing to the overall uptick in inflation, despite falling energy costs keeping inflation somewhat controlled.
The average tariff on imports is currently the highest since the Great Depression, impacting prices consumers pay for goods.
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