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Inflation surges to 40 year high

Money in the chute of a gas representing high gas prices
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(WASHINGTON, DC) — The price of goods has jumped to 9.1% according to consumer price index data released by the federal government on Wednesday.

It’s the highest rate of inflation since December of 1981, and is 1.3% higher than May.

The cost of food went up 1% in June, bringing the 12 month total increase to 10.4%.

June energy prices are also up 7.5% over May and are 41.6% higher than they were in June of 2021.

Putting food on the dinner table is now 12.2% more expensive than last year, while the cost dining out has increased by 7.7%.

Core inflation, which does not include food and energy prices, is up 5.9%, which is only .1% better than May’s numbers.

The Bureau of Labor Statistics blames the spike on the high price of gas and food.

The Dow, NASDAQ and S&P 500 saw selloffs on Wednesday after the numbers were released.