Perhaps the most remarkable aspect of the surging inflation tearing through the economy is how little the White House and Congressional leaders seem to care. The latest inflation report is brutal. Prices are up 9.1% over the past year — the highest rate since 1981.
While many experts keep predicting inflation to slow down, the June rate soared at an annualized rate of nearly 17%. Nearly all parts of the economy are buckling under rising prices. Price increases in the past year have leaped for groceries (12%), gas (60%), electricity (14%), new cars (11%), and flights (34%).
Over the past 18 months, the combination of growing home prices and mortgage rates has pushed up the monthly mortgage on a new median-priced home from $1,195 to $1,904.
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