Inflation hit a new, four-decade high of 9.1% last month, fueled in part by record high gasoline prices.
Gas prices are displayed on a sign at a gas station in Williams, Ariz., on Wednesday, July 6, 2022.
“I used that money to buy a couple of extra cots and we camped in the back with our kids,” she says. “The youngest is two. He woke up in the middle of the night and then we all went back inside.” “With the inflation, that extra money is decreasing,” she says. “I’m glad we have that cushion, but it’s also, jeez, this isn’t as comfortable as at the beginning of the year.”. But prices have been climbing even faster, chipping away at workers’ purchasing power.
Chambliss looked at moving closer to work, but found that rents in Lexington were unaffordable. She expects her own rent to jump by 7% when she renews her lease next year. But “core” inflation, which excludes volatile energy and food prices, is also elevated — driven in part by the high cost of new and used cars, medical care, and rent. Core inflation accelerated in June, with prices up 0.7% from May. Annual core inflation was 5.9% in June, down only slightly from 6% the previous month., with the median monthly cost topping $2000 in May. Shelter costs are one of the biggest factors in the government’s inflation measurement.
While most of that government assistance has now dried up, many people are still sitting on thousands of dollars in extra savings that can help them maintain living standards in the face of higher prices.
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