All-item consumer prices rose 0.9% in June, and 5.4% in the 12-month period, the Bureau of Labor Statistics announced on Tuesday, capping a string of high monthly readings:
Final data are not yet in on all the components tracked by our in-house real-world inflation gauge, the Guild Basic Needs Index. But preliminary results show June coming in back towards the top of its decade range, at a 25% year-over-year rate, after a slight dip in May:
You don’t have to look far to find anecdotal evidence of inflation all around you, and the consensus of analysts concurring with the Fed’s “transitory” mantra is getting shakier. We’ll give a full analysis when the June data are complete.
