Consumer prices shot up 0.9% in June as rate of inflation remains at 13-year high
13 July 2021
Prices for goods and services, excluding food and energy, shot up 0.9% in June on a month-over-month basis, according to the Core Consumer Price Index reading published this morning.
Why it matters: That’s an an uptick from May’s monthly change of 0.7%. Economists were expecting an increase of 0.4%.
- Including energy and food prices, the headline CPI figure shows a 0.9% monthly increase, compared to a 0.6% uptick in May.
- On a yearly basis, June prices were shot up to 5.4%, compared to the 5% change in May.
The big picture: June’s core CPI reading complicatesexpectations that inflation peaked in the secondquarter.
- Prices are 4.5% higher compared to last year, the highest annual increase in nearly 30 years. That's also a pickup from the 3.8% year-over-year figure reported a month ago.
- Meanwhile, consumer expectations for inflation over the coming year reached their highest level ever, according to a survey released Monday by the Federal Reserve Bank of New York.
This story is breaking news. Please check back for updates.
Transcripts show George Floyd told police "I can't breathe" over 20 times
Section2Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.
Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.
The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.
- The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.
What the transcripts say:
- Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
- The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
- Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."
Read the transcripts via DocumentCloud.