US Consumer Prices Soared In June, Americans’ Real Wages Fall For 15th Straight Month
With The White House having desperately tried to front-run this morning’s inflation print, analysts were expecting a jump higher led by food and energy costs. They were right in direction but it was way worse as the headline CPI soared 9.1% YoY (vs 8.8% exp and 8.6% prior)…
The 1.3% MoM rise is the hottest since 2005 and the 9.1% YoY is the hottest since 1981.
Under the hood, energy costs dominated the rise, but the rent index rose 0.8 percent over the month, the largest monthly increase since April 1986.
The motor vehicle maintenance and repair index increased 2.0 percent in June, its largest increase since September 1974.
The index for dental services increased 1.9 percent in June, the largest monthly change ever recorded for that series, which dates to 1995.
Focusing on the roof over your head factor, shelter inflation +5.61%, up from 5.61%, highest since 1992, and rent inflation +5.78%, up from 5.22%, highest since 1986
Real wages fell for the 15th month in a row… (Americans’ purchasing power domestically fell by a record 3.6% YoY in June)
Finally, the S&P has ended the day lower on 5 of the last 6 CPI days…
Wed, 07/13/2022 – 08:37