Prices surged in June and pay growth, while brisk, is struggling to keep up.
The Federal Reserve’s preferred inflation gauge climbed rapidly in June. Wage and benefit gains are fast, too, separate data showed.
https://www.nytimes.com/2022/07/29/business/economy/fed-inflation-wage-growth.html
Prices climbed by 6.8 percent in the year through June, the Federal Reserve’s preferred inflation gauge showed, and even a measure that strips out food and fuel picked up notably on a monthly basis.
Inflation as measured by the Personal Consumption Expenditures index jumped by 4.8 percent over the past year after stripping out food and fuel, which economists do to get a sense of underlying trends, a slightly larger increase than the 4.7 percent increase economists in a Bloomberg survey had expected.
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