A key inflation measure jumps up again

The Consumer Price Index, a key measure of inflation, rose again in June at a rate faster than any in the last 13 years, according to a report from the New York Times. The index jumped by 5.4% in June as prices for used cars, hotel stays, and restaurant meals surged. The jump was the largest year-over-year gain since 2008 but is expected to stabilize as the economy readjusts after reopening. The Biden administration states that much of the increase was tied to temporary supply issues.