It's Not Just High Gas Prices – Inflation Is Now Spreading Through the Economy

It's not just high gas prices – inflation is now spreading through the economy

Housing, utilities and recreational spending are also keeping underlying inflation elevated, even as other data shows a slowing economy and weaker income growth.

Inflation is spreading through the U.S. economy beyond the pump

Americans don’t need a press release to know that inflation is rising. Gasoline is above $4 per gallon amid the ongoing conflict in the Middle East and closure of the Strait of Hormuz, and the release of key price data on May 28 underscores why policymakers are worried these pressures could spread into the broader economy. The report offered a mixed but still uncomfortable picture. The month-to-month rise was softer than expected, but the change…