Throughout the country, prices for food and energy rose, according to the beige book, which is a compilation of economic anecdotes collected through July 13.
Photo:
Brandon Bell/Getty Images
Several parts of the country showed signs of slowdown in recent weeks and price increases remained significant as the U.S. economy continued to modestly expand, the Federal Reserve said in a report.
Throughout the country, prices for food and energy rose, according to the beige book, which is a compilation of economic anecdotes collected through July 13. The latest publication released Wednesday comes as inflation hit 9.1% in June, a four-decade high.
“Increases in food, commodities, and energy (particularly fuel) costs remained significant, though there were several reports that price inflation for these categories had slowed compared with recent months but remained historically elevated,” the Federal Reserve said.
The Fed report said business contacts in several districts “noted concerns over an increased risk of a recession” and that much of the country saw a pullback in consumer spending due to higher gasoline and food prices.
More to come
Write to Rina Torchinsky at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
