Inflation is at its highest rate in 41 years, with an overall rate of 9.1% for the month of June, according to the Consumer Price Index.
Gas and food prices are contributing the most to the higher rates.
For the month of May, the inflation rate was 8.3%.
As the rate continues to rise rapidly, Americans are struggling to pay for necessities.
What is inflation and why is it bad?
Inflation is normal and typically happens in any economy.
The issue at hand is that inflation can start to outpace wages, which is what’s happening right now.
The higher the rate gets, the less your money is worth.
The pandemic and Russia’s invasion of Ukraine had a major impact on the rate increasing.
While the overall rate of inflation is 9.1%, specific sectors have different rates that make up that 9.1%.
Related: Costco: Two items that have increased in price by 33%
The cost of shelter has gone up 5.6% in the last 12 months.
Food has seen a 10.4% rate of inflation.
In Dec. 2021, it was predicted that gas prices would be the highest for the first half of 2022.
The prices have started to drop, though not a lot.
Inflation, according to The Sun, is more money and fewer products, with price increases impacting the cost of goods and services.
Various things could cause this.
Staff shortages, wage increases, raw materials going up in price, and government spending all play a part.
Samantha edits our personal finance and consumer news section. Have a question or lead? Send it to [email protected].