Inflation Was the Highest in June Since 1981
PARKERSBURG, W.Va. (WTAP) -
Inflation reached a new high in the month of June.
According to the US Bureau of Labor Statistics the price consumers are paying is 9.1% higher in the month of June than at the same time a year earlier.
This is the largest increase in one year since 1981.
Chris Hall who is a Founding Partner with Hall Financial Advisors mentioned that this increase is caused by a number of reasons including the pandemic, and the war in Ukraine.
Hall went on to say, “What needs to happen is the fed has to get inflation under control and we have to take a heavy dose of medicine which would be that break pedal to the economy. The fed has to maintain its aggressive stance in raising interest rates to get prices back under control.”
Experts say the reason interest rates need to go up is so demand decreases, which will cause the prices on products to stop rising and possibly fall.
If the prices drop then the economy will enter a recession.
If the feds increase the interest rates later this month the economy should see a change in inflation in a year’s time.
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