“The cost of living is tearing us apart”—Inflation rate in US hits 9.1 percent - FORECLOSURE FRAUD

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“The cost of living is tearing us apart”—Inflation rate in US hits 9.1 percent

“The cost of living is tearing us apart”—Inflation rate in US hits 9.1 percent

The rate of inflation in the United States hit 9.1 percent in June, with consumer prices rising at the fastest pace since November 1981, according to a Bureau of Labor Statistics report released Wednesday. Across-the-board hikes in fuel, food, housing, medical care, clothing and other living expenses are squeezing household budgets. Everything is going up except workers’ paychecks.

The increase in the Consumer Price Index, which rose from an already four-decade high of 8.6 percent in May, continued to be driven chiefly by surging energy and food costs. Energy prices shot up 7.5 percent last month and are up 41.6 percent over the last 12 months. Gasoline rose 11.2 percent in June and is up 59.9 percent over the last year.

The current national average for a gallon of gas was $4.63 yesterday, according to the American Automobile Association, with prices in California at $6.02 a gallon. This means it takes $60 to fill up an average passenger car or $120 for a pickup truck or SUV. With an average manufacturing wage of $24.95 an hour before taxes, a factory worker now must labor anywhere from three to six hours just to pay for gas to go back and forth to work. Many now carpool to work, while lower-paid and part-time workers find it increasingly unaffordable to drive at all.

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https://www.wsws.org/en/articles/2022/07/14/infl-j14.html

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