US inflation highest in 40 years, with no letup in sight
US inflation highest in 40 years, with no letup in sight
By CHRISTOPHER RUGABER
WASHINGTON (AP) — Inflation soared over the past year at its highest rate in four decades, hammering American consumers, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates across the economy.
The Labor Department said Thursday that consumer prices jumped 7.5% last month compared with a year earlier, the steepest…
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