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Inflation edges up to 2.9 percent in June, highest in six years

“The Fed’s inflation target is 2 percent, but it’s measured by a different inflation gauge” writes Ap Photo Brynn for Higher inflation is bad from the perspective of a household, as it cuts into the purchasing power of paychecks.Core inflation, meaning inflation stripping out the volatile components of food and energy, picked up from 2.2 percent to 2.3 percent annually.Inflation is now running at the highest rate since January of 2012, per the Consumer Price Index, the most commonly cited gauge of price movements.Yet from the point of view of the Federal Reserve, higher inflation is good because it suggests that the economy is performing at near its potential.

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