Prices rose faster over the past year than they have for the previous six years, according to a new report from the government’s Bureau of Labor Statistics.
According to BLS The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in June on a seasonally adjusted basis after rising 0.2 percent in May.
Over the last 12 months, the all items index rose 2.9 percent before seasonal adjustment. That’s the highest rate since the period ending February 2012.
The indexes for shelter, gasoline, and food all rose to lead to the seasonally adjusted increase in the all items index.
Price hikes were most brutal on everyday items like food and energy. This is combined with weak wage growth for the very people for whom food and energy occupy big percentages of household budgets. The end result, for millions of Americans, is a feeling of falling behind financially.