(TheRedAlertNews.com) – BREAKING NOW: American consumers took another hard hit to their wallets last month as inflation hit yet another high in a seemingly endless string of month-over-month increases.
As CNBC reports this morning:
“Consumer prices surged more than expected over the past 12 months, indicating a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year.
“The consumer price index for January, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared with a year ago, the Labor Department reported Thursday.”
And, equally troubling, as CNBC notes, wages are barely keeping pace with skyrocketing inflation and are expected to fall behind inflation quickly.
“The burst in inflation has muted the sizeable earnings growth workers have seen. Real average hourly earnings rose just 0.1% for the month, as the 0.7% monthly gain in wages was almost completely wiped out by the 0.6% inflation gain.”
Bottom line: American wage earners will quickly fall further behind inflation.
This is a breaking news report about the economy…
Inflation rises 7.5% over the past year, even more than expected https://t.co/ffoo2Lk67D
— CNBC (@CNBC) February 10, 2022