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 Source : bbc.com BBC News 4-6 minutes image copyright Getty Images Prices in the US spiked again in June, driven higher by the cost of used cars and food increasing. Consumer prices jumped 5.4% in the 12 months to the end of June, up from 5% 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 quickly, which could prompt the Federal Reserve to push up interest rates or pull back on pandemic support earlier than expected. The figures released on Tuesday were higher than analysts' expectations. However, some economists and the Federal Reserve say that the inflationary pressures will be temporary. Used vehicles accounted for one-third of the increase in the Consumer Price Inde

Source: marketwatch.com Mark Hulbert 5-6 minutes All eyes this week will be on May’s inflation rate, which will be reported Thursday. While there’s little doubt that the Consumer Price Index will be markedly higher than the pandemic-depressed level of a year earlier, there’s widespread disagreement about whether this higher rate will be more than temporary . The report is widely anticipated because April’s reading broke a 12-year record, prompting a broad decline in stocks. I’m reminded of George Bernard Shaw’s classic quip that if you laid all the economists end to end they still wouldn’t reach a conclusion. Competing indicators I’m taking a different approach in this column: Determining which of several forecasting models of expected inflation have stood the test of time. Of the three that I measured, the one with the best record is forecasting that inflation over the next five years will average ju