NEWSFLASH: June Inflation Soars Over 9% As Digital Inflation Slows To 0.3%
The Consumer price index (CPI), the economy-wide measure of inflation, rose 9.1% in June, exceeding expectations. Meanwhile, digital inflation continued to slow to 0.3% in June, according to the latest digital inflation data from the Adobe Digital Price Index (DPI).
This is consistent with a June report from the Progressive Policy Institute (PPI)’s Innovation Frontier Project that found “inflation in the digital sector is still low, despite rapid price increases in much of the rest of the economy. Moreover, the deflationary influence of the digital economy has not been fully captured in official measures of inflation.”
With economy-wide inflation at record highs, it is important to remember that anti-tech bills being considered by Congress could make inflation worse by raising the prices of deflationary, low-cost, and free digital services.