Inflation hits 6-year high, wiping out wage gains for the average American
“Prices rose at their highest clip since 2012 over the past year, the Labor Department reported Thursday. The 2.9 percent inflation for the twelve-month period ending in June is a sign of a growing economy, but it’s also a painful development for workers, whose tepid wage gains have failed to keep pace with the rising prices. The cost of food, shelter and gas have all risen significantly in the past year. Gas skyrocketed more than 24 percent, rent for a primary residence jumped 3.6 percent and meals at restaurants and cafeterias rose 2.8 percent.”