Inflation Spiked 9.1% In June – Hitting New 40-Year High As Price Surge Fuels Recession Fears
Overall prices rose 1.3% from May – surpassing the 1.1% economists were expecting and much higher than the previous month’s increase of 1%, according to data released by the Labor Department on Wednesday.
Overall prices rose 1.3% from May – surpassing the 1.1% economists were expecting and much higher than the previous month’s increase of 1%, according to data released by the Labor Department on Wednesday.
The “expectedly unexpected” jump marks the largest 12-month increase since the period ending November 1981, according to the release, and comes after prices in May unexpectedly returned to a 40-year high.
The worse-than-expected increase was the result of increases across categories, with gasoline, shelter and food being the largest contributors, the government said.
The energy index rose 7.5% over the month and contributed nearly half of the overall increase, driven higher by the gasoline index, which rose 11.2%.
Core inflation, which excludes volatile food and energy prices, rose 0.7% against an expectation of 0.5%; accommodation prices rose at the fastest pace in 31 years while rent prices climbed at the largest rate in more than 35 years.
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