Prices in the US spiked again in June, driven higher by the cost of used cars and food increasing. Consumer prices jumped 5.4 per cent in the 12 months to the end of June, up from five per cent the previous month. The US Labor Department says it marks the biggest 12-month increase since August 2008. Inflation, which measures the rate at which cost of living increases, has been rising as the economy reopens from coronavirus lockdowns. It has sparked fears that prices are increasing too quickly, which could prompt the Federal Reserve to push up interest rates or pull back on pandemic support earlier than expected.
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