Second-highest inflation in 26 years…
The consumer price index (CPI, which measures inflation) showed a 1.1% increase in consumer good prices in June alone. Average weekly wages, adjusted for above inflation, fell 0.9% in June as well. This crunch is going to hurt. The yearly inflation rate is 5.0%!
Higher inflation and/or lower wages. You’ll see more of this over the next year and a half. If you can, push for your raises as money is going shorter and shorter than it has in the past.
The other highest inflation level in the past 26 years was 1.3% immediately after Hurricane Katrina sent energy prices skyrocketing.
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