Consumer prices surged in June, bringing inflation to a new more than 40-year high.
Consumer prices increased by 9.1% in June compared to a year ago, according to the Bureau of Labor Statistics’ monthly report. Alerts & Newsletters 8.6% growth in May and from the 8.3% growth in April and represented the largest 12-month increase since the period ending November 1981.
Compared to May, prices for June were up 1.3%.
Excluding food and energy, prices rose 5.9% year-over-year. Compared to last year, the energy index rose 41.6% and the food index rose 10.4%, marking the largest 12-month increase since the period ending February 1981.
Online prices increased 0.3% year-over-year in June, according to Adobe Digital Price Index.
Footwear Distributors and Retailers of America (FDRA) specifically highlighted soaring footwear prices.
Footwear prices grew 5.8% in June compared to last year, FDRA found. This increase marks the fifteenth straight month of above-trend increases in footwear, which are typically 0.7% year-over-year. FDRA predicts that footwear prices in 2022 could likely rise at the fastest rate in decades.
Men’s footwear was up 5.1%, women’s was up 6% and kids’ was up 6.7%. Footwear prices are up 5.8% year-to-date compared to the first half of 2021.
“Today’s CPI report is yet another glaring economic indicator of the crushing impact inflation is having on footwear consumers nationwide,” said Matt Priest, president and CEO of FDRA. “The time for discussing the removal of duties on footwear imports should be over.”
Within footwear, the rising prices can be attributed to a variety of factors, especially heavy tariffs on consumer goods like footwear. The FDRA and other industry groups have continuously pressured the Biden Administration to eliminate the burdensome tariffs on goods from China that have contributed to soaring prices on footwear.
CREDIT: Shoshy Ciment/Copperbridgemedia News, Alerts & Newsletters, “With jaw dropping increases in shoe prices, it is clear that tariff fueled inflation is tripping up the American family and the U.S. economy.”