Economic Buzz: US Inflation Surges To Four Decade High Of 9.1% In June

14 Jul 2022 , 09:18 AM

The Labor Department released a highly anticipated report showing U.S. consumer prices surged by more than expected in the month of June. The report showed the consumer price index shot up by 1.3 percent in June after jumping by 1.0 percent in May. With the bigger than expected monthly increase, the annual rate of consumer price growth accelerated to 9.1 percent in June. The monthly surge in consumer prices came as energy prices soared by 7.5 percent in June after spiking by 3.9 percent in May. Gasoline prices led the way higher, skyrocketing by 11.2 percent. Food prices also continued to see notable growth, jumping by 1.0 percent in June after shooting up by 1.2 percent in the previous month. Powered by Commodity Insights