The U.S. Department of Labor is set to deliver June’s consumer price index figures on Wednesday.
FOX-43 recently interviewed Dr. Terrill Frantz, associate professor of ebusiness and cybersecurity at Harrisburg University of Science and Technology, about the report.
While experts predict the number will surpass the 8.6 percent rate recorded in May, Frantz hopes the month-to-month damage won’t be as bad.
“Although it would not be a surprise to see it have a slight uptick, but the monthly numbers should not, hopefully not, be as drastic as it has been over the last few months,” said Frantz.
Frantz provides a case in point: “In March 2020 I rented a car at the Harrisburg Airport for one day on a Monday and it cost me $29.05 total. I have a reservation for the same car model and the same rental company at the same airport, also for a Monday…now it will cost me $167.08, plus the increase in gasoline costs. We are getting punished by price increases to the extent that only a 60-year-old has experiences before. This CPI number for June coming out this week will be an important ‘tell’ about the situation. Clearly nearly everything is costing much more than in the past.”
Watch the FOX-43 segment here: https://www.fox43.com/amp/article/money/us-labor-department-june-inflation-data-consumer-price-index-recession-brokersrealty-harrisburg-university-terrill-frantz-john-rainville/521-c9fc863d-1802-4b6e-bc87-ebf91e0ddcca
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