Following the rise of U.S. inflation to 8.6 percent in May, there now is confirmation that prices climbed even higher in June.
The data indicates that inflation for last month reached a staggering 9.1 percent year over year. That’s the highest it’s been in more than 40 years. The principal drivers of the most recent increase are the rising costs of fuel, housing and food.
The Consumer Price Index (CPI) for the month showed an increase of 1.3 percent month-over-month, slightly higher than the expected 1.1 percent. Meanwhile, food prices went up 10.4 percent, while the energy index increased 41.6 percent.
President Joe Biden had stated he was working on solutions to stop the ever-growing inflation, but many are asking when this will actually take effect at this rate.
“Today’s shockingly high consumer price inflation number does not bode well for our country’s economic outlook,” Desmond Lachman, economist and senior fellow at the American Enterprise Institute, told The Epoch Times.
Speaking with us now about the subject is Devlyn Steele of Augusta Precious Metals. With his expertise on the economy, he has observations that could paint a picture of how much higher inflation could go.
Q&A:
- Is there surprise at how much inflation has affected the United States in 2022, or is it about as expected?
- The impact on gas and housing prices is really hurting a lot of people this year. Is it anticipated that inflation in these particular areas will continue to rise as the summer goes on? Could they possibly cool off in the fall?
- Is there are a single, overriding factor contributing to the skyrocketing inflation in our country?
- How are inflation hardships affecting those who are trying to live on retirement accounts such as 401(k) plans? Are there any steps they can take to mitigate the effects of inflation in retirement?
- As director of education at Augusta Precious Metals, you’ve talked about the importance of gold and silver in hedging and diversifying savings. Do you believe these are still valuable assets to own, considering what’s happening with inflation?
- Where can we learn more about Augusta Precious Metals?
- Those interested can visit http://www.augustapreciousmetals.com.
About Devlyn Steele:
Devlyn Steele began in 1983 as a financial analyst for Butler Aviation and went on to work for UPS and People’s Express Airlines. As his career has progressed, he’s been an analyst in various industries, from finance, manufacturing, and technology to venture capital and more. He has sat on the boards of several Silicon Valley and technology companies and still does.
He is a member of the Harvard School of Business analytics program and predicted the housing crash in 2008 and the rise in gold and silver that followed.
Devlyn is an avid investor in all markets: real estate, stocks, gold and silver, and cryptocurrencies, and is a gold bull.
Devlyn is the director of education for Augusta Precious Metals. His focus as an analyst is primarily on Federal Reserve policies that can affect the dollar and precious metals.
CONTACT: To schedule an interview with Devlyn Steele, email jerry.specialguests@gmail.com.
