Inflation hits four-decade high. How prices for everyday items are faring in Charlotte
Inflation rates continue to soar in the United States, hitting a four-decade high in the latest report released Wednesday by the federal government.
Consumer prices in June jumped 9.1% compared with a year earlier, according to Wednesday’s report. That’s the biggest yearly increase since 1981 and means more sticker shock for Americans looking to purchase common goods and services, including food, clothes and medical care.
And the Charlotte region continues to not be immune to the problem.
Here’s what to know about the latest inflation report and what it means for the prices of everyday items in the Charlotte area:
June inflation report
The latest inflation report released Wednesday, which reflects data from June, showed that consumer prices are 9.1% higher than this time last year.
That’s a four-decade high and up from an 8.6% increase in May. The dim report comes as some economists had expressed optimism about inflation peaking, citing gas prices that have ticked down from record highs earlier in the year.
The Federal Reserve has increased interest rates in an attempt to quell inflation, and many expect them to do so again given that inflation rates are still on the rise.
What items are getting pricier amid inflation?
In addition to the overall inflation report, the federal Bureau of Labor Statistics also breaks down the consumer price index for different categories of goods and services, such as gas, housing and food, in the South region. And the latest data shows what’s being hit hardest by price jumps.
The CPI for gasoline is up 60% over 12 months ago in the region, leading major categories. Other categories, such as medical care and apparel, saw lesser increases in the single digits.
Explore more about how prices compare using the interactive graphic below (Tip: You can use the dropdown menu to add more categories or narrow them down):
The Associated Press contributed to this story.
