Consumer prices spiked 1.1 percent last month—the second fastest increase in 26 years with a majority of the surge blamed on soaring energy costs--according to a report released by the Labor Department.Swelling rates on home heating oil, gasoline and natural gas reflect the largest increase in years with a 6.6 spike upward in June. The report on retail inflation reflected similarly grim news revealing a 1.8 percent increase in wholesale prices.
Democrats in Congress say the new inflation report emphasized the need to pass a second stimulus package.
“We're not seeing danger for the economy on both sides ... growth is too slow and inflation is too high,” says Sen. Charles Schumer in a statement.
The White House expressed concern about the weakening economy in a recent press conference.
"The President is very concerned about the impact high prices are having on Americans, especially those who are on lower incomes,” presidential press secretary Dana Perino tells reporters.
“What the president would reiterate is what he said yesterday ... that the health of the overall economy is dependent on inflation remaining low,” Perino continues.
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