Wages can’t keep up with inflation

1 big thing

Axios

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4.0 • 2K Ratings

🗓️ 14 July 2022

⏱️ 11 minutes

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Summary

New June inflation numbers released Wednesday show the Consumer Price Index rose 9.1% since last year - the fastest annual pace since November 1981. To make matters worse, wages are not keeping up. Plus: the federal Immigration and Customs Enforcement agency is running out of money. And: the millennial friendship crisis. Guests: Axios' Neil Irwin, Stef Kight and Erica Pandey Credits: Axios Today is produced by Niala Boodhoo, Sara Kehaulani Goo, Alexandra Botti, Nuria Marquez Martinez, Lydia McMullen-Laird, Alex Sugiura, and Ben O'Brien. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893. Go Deeper: America's inflation problem gets worse Scoop: ICE is short $345 million, poised to spend more than ever Axios Finish Line: Making friends Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:34.1	Good morning. Welcome to Axios today. It's Thursday, July 14th. I'm Nyla Boudou. Here's what you
0:40.0	need to know today. U.S. Immigration and Customs Enforcement is running out of money. Plus,
0:45.7	the millennial friendship crisis. But first, today's one big thing. Wages can't keep up with inflation.
0:55.2	New June inflation numbers released yesterday show the consumer price index rose 9.1% since last
1:05.1	year. That's the fastest annual pace since November of 1981. And to make matters worse, wages aren't
1:12.1	keeping up. Axios' chief economic correspondent, Neil Irwin, is here to go deeper. Haneal?
1:17.6	Hi, Nyla. So you wrote about this yesterday, another month, another terrible inflation report.
1:24.0	But energy prices were responsible for more than half of this increase. Last month,
1:28.7	they were up 11%. And we have seen those numbers come down a bit in the last few weeks. And meat
1:34.9	was also slightly cheaper last month or any of those things, good signs are my grass-banging
1:39.8	straws here. Yeah, look, gas prices, other energy prices are coming down since mid-June.
1:45.5	So we will see some relief in the July numbers when those eventually come out.
1:50.1	At the same time, there are some really bad signs in this report. And one of those is that, as you
1:55.4	say, half of its energy prices, but we're seeing some real inflationary momentum in services,
2:00.9	in things that aren't energy and food, in core inflation, economists call it. That's a sign that
2:05.9	this inflation is becoming embedded in the economy in a way that is really problematic and might
2:10.7	take a lot of go away. Remind us what goes into core inflation because I think people are going to
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