Are you ready for the coming price inflation spike in the post-coronavirus economy? Well, it may already be here.
The Department of Labor released its latest inflation report, and it found that the cost of groceries spiked the most in one month in nearly 50 years.
Last month, groceries surged 2.6 percent, the biggest one-month explosion since February 1974.
Official statistics highlighted that the price of the meats, poultry, fish, and eggs rose 4.3%; fruits and vegetables advanced 1.5 percent, and bakery products and cereals surged 2.9 percent.
Take a look at the CNBC chart since 2010:
That said, the headline consumer price index (CPI) contracted 0.8% last month, led by the sharp drop in energy (-10.1 percent).
This is likely just the beginning of the higher inflation trend.
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