“In June, year-over-year inflation reached a 13-year high.”

That’s the mega-takeaway from the most recent gov’t report.
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June’s 5.4% follows May’s 5% and April’s 4% 

Press Secretary Psaki says, based on the administration’s arithmetic, we shouldn’t worry. She noted that  she and Biden — the ever sharp shoppers — paid 16 cents less for their July 4th BBQs.

For the rest of us, in real terms, the inflation shock means that our paychecks are in only buying about 95% of what they did a year ago … and, excluding our new contributions and  stock market gains, the “real” value of our IRA is shrinking at a 5.4% annual rate.

Ouch…

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