Inflation rose to a 40-year high in June as consumer prices rose 9.1%, according to data released by the Labor Department on Wednesday. The rise marks the largest 12-month increase since November 1981. The increased inflation is driven by a spike in gas costs, rent, food, materials, automobiles and travel.
The report states that prices rose 1.3% from May to June. This follows a 1% increase from April to May.
Not all is bleak, however. Gas prices have recently fallen from around $5 a gallon in mid-June to an average of $4.66 nationwide, according to AAA. This drop is expected to help slow inflation beginning in July and August, which is a welcome sign for a glass industry that has struggled to keep costs down as the cost of raw materials increases and inflation, labor and supply chain issues hover like a dark cloud.
The Federal Reserve is expected to enact another large interest rate increase in the coming weeks. This increase will help cool spending and slow the economy and inflation.