Inflation hits 6-year high, wiping out wage gains for the average American

Prices rose at their highest clip since 2012 over the past year, the Labor Department reported Thursday.

The cost of food, shelter and gas have all risen significantly in the past year. Gas skyrocketed more than 24 percent, rent for a primary residence jumped 3.6 percent and meals at restaurants and cafeterias rose 2.8 percent.

…For workers, more pain may be coming, as economists are concerned that prices could rise further due to …tariffs on many foreign imports. Trump put a 20 tariff on foreign washing machines earlier this year, and the inflation report Thursday showed more than a 13 percent spike in laundry equipment over the same period last year.

…Wage growth has been lackluster since the Great Recession. …Typically, companies raise wages sharply in this kind of environment, but average hourly earnings are still stuck below 3 percent, a low level historically.

Inflation hits 6-year high, wiping out wage gains for the average American – Chicago Tribune

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