Price of goods up across Midwest and nation
July 14, 2021
ST. PAUL - The price of used cars, food, gasoline and other goods was up in the Midwest by 1% over the month in June and 5.8% over the year that month, barely beating out the increase in average prices paid by urban consumers across the country.
American cities in June nonetheless observed their largest one-month and over-the-year increases in average prices since 2008, according to the U.S. Bureau of Labor Statistics. The spike in used car and truck prices was particularly sharp, and nationally accounted for one-third of the Consumer Price Index increase.
The index, which measures the change in average prices paid for select goods, is being watched closely as the country continues to recover from the recession caused by the COVID-19 pandemic. The heads of U.S. fiscal and monetary policies have said inflation will subside as the recovery progresses but concerns abound over the possibility of it continuing.