| 13 April 2024, Saturday |

Inflation: Used cars and food push US prices higher

Prices in the US soared again in June, driven higher by the cost of used cars and food increasing.

Consumer prices climbed 5.4 percent in the 12 months to the end of June, up from 5 percent the previous month. It marks the biggest 12-month increase since August 2008, according to the US Labor Department.

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 rapidly, which could prompt the Federal Reserve to push up interest rates or pull back on pandemic support earlier than expected.

However, many economists and the Federal Reserve say that the inflationary pressures will be temporary.