Ford Motor Company (NYSE:F) shares are trading lower by 2.93% to $11.22 Wednesday. Stocks across sectors are trading lower after CPI data showed worse-than-expected June inflation. A rise in inflation has caused concerns of a potential recession and more aggressive Federal Reserve policy.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3% in June on a seasonally adjusted basis after rising 1.0% in May, the U.S. Bureau of Labor Statistics (BLS) reported today. The BLS says the increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors.
The BLS says the all items index increased 9.1% for the 12 months ending June, the largest 12-month increase since the period ending November 1981. The energy index rose 41.6% over the last year, the largest 12-month increase since the period ending April 1980.
The BLS added that while almost all major component indexes increased over the month, among the largest contributors were the indexes for used cars and trucks, motor vehicle insurance and new vehicles.
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According to data from Benzinga Pro, Ford has a 52-week high of $25.87 and a 52-week low of $10.61.
