U.S. inflation likely reached a new 40-year high in June, driven up by a spike in gas costs, more expensive food and rent, and pricier cars and hotel rooms.
- A government report today is expected to show that consumer prices soared 8.8-percent in June compared with last year.
- That would be an increase from 8.6-percent in May and the biggest yearly rise since December 1981.
- So far in July though, gas prices have fallen from five-dollars a gallon to an average of $4.66 nationwide as of Tuesday.
- That’s higher than a year ago, but the drop still points to the potential for sharply lower inflation this month and next.
- Has the drop in gas this month helped you out financially or haven't you noticed any relief?