We want to begin tonight with another staggering report on inflation as prices are rising at the fastest pace in forty-one years. The consumer price index jumped 9.1% compared to one year ago, as the cost of pretty everything is going up. Every American is feeling the pinch in their wallet as the average household spent almost $500 last month to buy the same goods and services as they did in 2021. Increase was largely driven by gas and energy prices, which soared last month, along with a spike in rents not seen since the mid-80s. Stocks closed a bit lower on the news, and all this is leading to fears for the economy with Bank of America today forecasting a mild recession starting in the second half of the year.

This report shows prices for everyday life going up more than even economists expected. And with wages falling behind, many Americans feel they’re running out of options. Inflation is still running hot this summer. Today’s consumer price index report shows American paid more last month for just about every necessity, with inflation surging to a forty-one-year high. Gas prices led the way, up nearly sixty percent from the same time last year. That pulled energy prices more than forty percent. Food prices continue to be sky-high, with meals at home costing family’s twelve percent more than last year. Another driver, rents, saw their highest one-month jump in nearly forty years. Today, President B said in statement that June’s inflation numbers were unacceptably high and were out of date, given the recent drop in gas prices. The average cost of a gallon of gasoline peaked at about $5 last month. This week, it’s nearly forty cents lower. With today’s higher than anticipating numbers, the Federal Reserve is expected to continue its assault on inflation. We could see another ¾ point increase later this month. But that comes with risks. Now there could be some relief on the way, since mid-June, gas prices have steadily been going down each day. An industry analyst GasBuddy predicts, it could fall below $4 per gallon a month from now.