The year-over-year inflation figure for June marked the mildest such increase since March 2021, when the current bout of painfully high inflation began as the economy roared out of the pandemic recession. Yet with most measures of inflation still uncomfortably high, the Fed hardly appears ready to halt its rate hikes. Its expected hike later this month will follow the central bank's decision to pause its rate increases last month after 10 consecutive hikes. At the same time, though, inflation also jumped overseas, even in countries where much less stimulus was put in place. Milk and ground beef remain elevated but have eased from their peak prices.

Source: Daily Sun July 12, 2023 19:07 UTC