Inflation 'unexpectantly' continues to surge

 Fox Business:

Wholesale prices accelerated again in June as inflation seeps throughout every part of the U.S. economy, squeezing businesses and American households in the form of higher prices for most necessities.

The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 11.3% in June from the previous year. On a monthly basis, prices grew by 1.1%.

Both of those figures are higher than the 10.7% annual and 0.5% monthly estimates from Refinitiv economists, underscoring just how strong inflationary pressures still are.
...

Overall, prices for goods jumped 2.4% last month, the sixth consecutive rise and the biggest contributor to the headline inflation figure. Nearly 90% of the June increase in services stems from a 10% leap in prices for final demand energy, including a stunning 18.% increase in gasoline prices, according to the Labor Department.
...

Gas prices in Texas have begun coming down in recent days but they are still much higher than when Biden took office and started limiting the supply of oil and gas.  Grocery prices also remain high.  The fed raising of interest rates does not seem effective at this point in limiting current inflation. 

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