The year-over-year inflation rate reached 2.7% in June, up from 2.4% in May, surpassing the expected 2.6%. This trend marks the second consecutive month of rising inflation, distancing itself from the Federal Reserve's 2% target. New tariffs are anticipated, with some scheduled to begin on August 1. Economists suggest that while the staggered implementation of tariffs may influence inflation gradually, consumer expectations for inflation over the next year have decreased. The Federal Reserve's upcoming meeting will address decisions on interest rates based on this data and the job market.
The year-over-year inflation rate climbed to 2.7% in June from 2.4% in May, surpassing the 2.6% expected, indicating a quickening inflation rate.
The staggered implementation of tariffs should prevent a single month with spiking prices and instead, show higher, but not alarmingly high, price increases.
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