The U.S. consumer price inflation rate hit a 13-year high in June 2021, reaching 5.4 percent. The rate remained the same in July 2021, indicating an increase in prices of 5.4 percent compared to last year. The cost of food, both at home and away from home, inclined, along with new vehicles and living spaces.
Perhaps what is more worrisome is a look at the inflation rate’s climb throughout the year. In January 2021, the rate stood at 1.4 percent; it creeped up in February and March, leading to 4.2 percent in April and then 5 percent in May. Given the upward trend, the question remains: will inflation continue to increase? And if so, by how much?
