Prices for consumers in the United States jumped in June by the most in 13 years, evidence that a swift rebound in spending has run up against widespread supply shortages that have escalated the costs of many goods and services.

Tuesday’s report from the US Labor Department showed that consumer prices in June rose 0.9 per cent from May and 5.4 per cent over the past year — the sharpest 12-month inflation spike since August 2008. Excluding volatile oil and gas prices, so-called core inflation rose 4.5 per cent in the past year, the largest increase since November 1991.

The pick up in inflation, which has coincided with the economy’s rapid recovery from the pandemic recession, will likely intensify a debate at the Federal Reserve and between the Biden administration and congressional Republicans about how persistent the accelerating price increases will prove to be.

https://jamaica-gleaner.com/article/business/20210714/us-consumer-prices-surge-june-most-2008