Numerator: Inflation continued to tick up in June

Inflation on everyday goods inched up once again in June, putting more pressure on consumers.

Prices for everyday household purchases increased 0.70% in June following a 0.51% increase in May and a 0.44% increase in April, according to the latest data from Numerator’s Numerator Consumer Goods Price Index. Over the past 12 months, prices for everyday household purchases are up 3.4% as annual inflation edged up in June for the third consecutive month.

“Three straight months of accelerating consumer goods inflation have pushed price increases to their highest annual rate in nearly three years,” said Paul Stanley, senior economist at Numerator. 

Numerator noted that low income and Gen Z consumers continue to experience higher levels of inflation for everyday household goods, as prices have increased 35.7% and 39.4%, respectively, for those groups since January 2018. This is compared to a national average of 33.8%. Regionally, consumers in the South census region have continued to experience higher levels of inflation since 2018.

Lower gas prices provided some relief in June, but the broader picture hasn’t changed, Stanley added.

"Inflation continues to place the greatest strain on lower-income households, which have now seen everyday prices rise nearly 36% since 2018," he said. "With geopolitical tensions continuing to create uncertainty around future price pressures, that gap is unlikely to narrow.”