07-16-2018, 02:02 PM
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. Prices have risen roughly at the same rate as wages, erasing any gains workers may have hoped to realize via bigger paychecks.
Inflation hits 6-year high, wiping out wage gains for the average American - The Washington Post