U.S. inflation catapulted to a four-decade high for June. The consumer price index, or CPI, a measure of goods and services related to the cost of living, spiked 9.1% from a year ago. That’s higher than economists had expected and marks the fastest pace for inflation since 1981 — squeezing pockets and family budgets and further slowing down an already sluggish economy.
The result is that people are paying more for just about everything. Gas prices are up nearly 60% year-over-year and the cost of groceries is up more than 10%. Buying a new car? That’s over 11% higher. The cost of rent is up more than 5.5% and even medical care will set you back more than it did a year ago. It all spells trouble, according to economists.
