The Consumer Price Index - a popular measure of US inflation - posted a hefty gain of 0.5% last month, well below June's 0.9% rise in prices.
Supply shortages and surging demand lifted prices for used cars, gas, housing, and restaurants. The Fed expects those factors to be only temporary.
The labor shortage and surging inflation have set new minimums on pay and prices, but growth will likely slow down.
"I think anytime we can push for higher wages - and the president's been very vocal on this - that's a good thing," Secretary Walsh told Insider.
Since Biden took office, his economic agenda has been criticized by Larry Summers, who served under both Clinton and Obama. McConnell appreciates it.
Americans are - smartly - balking at the soaring prices of used cars and homes. This shift could be what keeps the US from an inflationary crisis.
Consumer prices rose by 5% year-over-year and by 0.6% month-over-month. The annual increase was the most since 2008, albeit skewed by May 2020 data.