Inflation hit 40-year high in June

Consumer prices rose to 9.1 percent over the past year — the biggest 12-month increase since 1981, according to a Wednesday report from the U.S. Department of Labor. That number also climbed from 8.6 percent in May. Shipping costs and commodity prices have lowered, but housing prices and the cost of necessities have increased. The national median home price rose by almost 15 percent over the past year.

What happens next? The Federal Reserve is expected to raise key short-term interest rates again later this month by about three-quarters of a percentage point. More interest rate hikes will likely follow. Federal Reserve Chairman Jerome Powell said at a news conference last month that the central bank will wait to see a “series of declining monthly inflation readings” before slowing its rate hikes. Meanwhile, 40 percent of adults, as of June, said the fight against inflation should be a major government priority — up from 14 percent in December.

Dig deeper: Read Brad Littlejohn’s column for WORLD Opinions about how tough economic times provide great evangelism opportunities.