And remember, this number is the accumulation of the previous years months. It is including lower numbered month’s so the actual real time inflation is considerably higher. I do think we will see 10 - 12% this fall/winter. And, today was reading about pretty severe drought conditions in the Midwest. Food prices are going up more. People will be hurting.
The 1.3% gain in June represents 15.6% annualized inflation rate...this is serious territory...