Prices for gas, food and rent pushed consumer inflation to a new four-decade high in June, according to the U.S. Labor Department.
The Associated Press reported that consumer prices soared 9.1% compared with a year earlier, the biggest yearly increase since 1981.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Inflation at the wholesale level also climbed 11.3% in June compared with a year earlier.
The increases make it likely the Federal Reserve will approve another large interest rate hike, according to the AP.
On Thursday, Rhode Island Energy said the average Rhode Island resident would see their monthly electric bill jump $50 this winter under proposed winter rates filed with the R.I. Public Utilities Commission.
