Plus, extreme heat grips China.
US inflation remains high; China suffers extreme heat. Tonight's Sentences was written by Jariel Arvin. |
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Why everything is still expensive |
Joe Raedle / Getty Images |
- In June, US consumers spent more on virtually everything amid persistent inflation, according to data the Bureau of Labor and Statistics released on Wednesday. [CNBC / Jeff Cox]
- The consumer price index rose higher than expected to 9.1 percent compared to a year ago, putting pressure on the Federal Reserve to raise interest rates to reduce demand. A 0.75 percent hike is likely. [Reuters / Lucia Mutikani]
- Gasoline accounted for much of the increase, reaching $5 per gallon nationwide in June. Gas prices are about 60 percent higher than this time last year. [CNN / Lucy Bayly and Alicia Wallace]
- Prices across the economy are up year-on-year for commodities like airfare, groceries, and used cars. [Associated Press / Christopher Rugaber]
- Higher interest rates have weakened demand for homes, which could bring down prices in other areas. Consumer spending and job growth have been consistent, which could mean the economy isn't headed for a recession. [Washington Post / Rachel Siegel]
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- Hot weather led dozens of cities in China to issue red alerts Tuesday, with temperatures expected to top 104 F over the next 24 hours. [Reuters]
- Officials in Shanghai have warned people of the risk of heatstroke. Temperatures are typically high there this time of year, but this year's heat has been exceptional. [Al Jazeera]
- Excessive heat exacerbated by climate change is becoming more common in China and worldwide. Northern parts of the country saw weeks of heat waves last month. [New York Times / Tiffany May and Joy Dong]
- The scorching heat comes as China's economy is trying to rebound from Covid-19 lockdowns. Higher temperatures threaten agricultural production, which could increase inflation. [CNN / Laura He]
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On Tuesday, California Gov. Gavin Newsom signed a law allowing gun violence victims to sue manufacturers. [CNN / Cheri Mossburg] |
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"The offenders, again, were all too familiar to consumers, those being gasoline, food, and shelter. With their sentiment at the lowest level in years, consumers have a right to be highly distraught." |
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