US inflation surged 9.1% in June from last year, hitting a fresh 40-year high as gasoline, shelter and food prices continued to rise.
The US consumer price index exceeded forecasts once again, with economists predicting an 8.8% increase. Prices rose 1.3% last month, following a 1% jump in May to 8.6%. The increase was broad-based, but gas, shelter and food were the largest contributors, the US Bureau of Labor Statistics reported today (13 July). After subtracting items like food and energy, core inflation rose by 0.7%, up from 0.6% in May. This resulted in an increase of 5.9% on an annual basis, which is about in line with the 6% rate reported the previous month. US job growth continues to strengthen in June ...
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