The Bureau of Labour Statistics was quick to debunk the report as being false but the gist of the report was on track as headline inflation for June 2022 coming in at 9.1%. It is more than 41 years since the US has seen such high inflation levels and makes a 75 bps rate hike in July almost inevitable.
US Consumer Inflation has been on a sharp uptrend as evinced in the chart below. The US economy had reported consumer inflation at 7.9% in February 2022, 8.5% in March 2022, 8.3% in April 2022 and 8.6% in May 2022. For the month of June 2022, the US consumer inflation has surged by another 50 basis points to 9.1%.