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US inflation spike won't last, former Obama economic adviser says

Goolsbee says the economy not in conventional business cycle

Consumer prices increased 5.4% in June from a year earlier, the biggest monthly gain since August 2008.   © Reuters

WASHINGTON -- A resurgent U.S. economy heading toward 7% growth has brought with it a return of inflation, as the June consumer price index rose 5.4% on the year for the highest 12-month rate since August 2008.

Are rising prices a blip or the beginning of a chronic problem that will shackle the American economy?

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