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August 1, 2022

Inflation and wage data suggest prices will keep climbing

  • An inflation gauge closely tracked by the Fed jumped 6.8% in June from a year ago, the biggest such jump in four decades.
  • By CHRISTOPHER RUGABER
    AP Economics Writer

    WASHINGTON — Inflation surged in June and workers' average wages accelerated in the spring — signs that Americans won't likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs.

    An inflation gauge closely tracked by the Fed jumped 6.8% in June from a year ago, the government said Friday, the biggest such jump in four decades. Much of the increase was driven by energy and food.


     
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