by Guy Page
June inflation hit 9.1%, a 40-year nationwide high. But how about Vermont?
Nationally, the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment.
The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indexes also rising. The food index rose 1.0 percent in June, as did the food at home index.
Here in Vermont, inflation has been bad, but not as bad as the national average. And other economic indicators are actually trending up – albeit slowly, according to a monthly report for June published by the Joint Economic Committee of the U.S. Congress.
Vermont’s consumer price index for all items rose to 6.8% in June, up from 6.2% in May and 1.2% 12 months ago. Gasoline actually decreased from an average of $5.01 in May to $4.63 in June. It was $3.15 last June. Bread and ground beef also rose slightly over May.
Vermont’s unemployment rate fell in June to 2.3%, compared to 2.5% in May and 3.6% 12 months ago. Vermont labor force participation increased by a tenth of one percent to 61.5% – but still below the national labor force participation rate of 61.9%.
Vermont’s “real” gross domestic product (GDP) rose .7% in June, compared to a 1.4% decrease nationally.