BREAKING: Inflation hit a 40-year record in June, with consumer prices increasing 9.1% over the last 12 months.
That’s up from the previous reading, when prices rose by 8.6% for the year ended in May; andGov. Tom Wolf: Pennsylvania Will Fund 3 New State Parks, Locations Not Determined Yet
Much of the June increase was driven by a jump in gasoline prices. Americans faced record-high gas prices last month, with the national average topping $5 a gallon across the country.14-Year-Old Charged As Adult With 3rd-Degree Murder In Connection To Fatal Beating Of 73-Year-Old Man: Police Stripping out food and energy costs, which tend to represent transitory fluctuations, core CPI prices rose by 0.7% over the same period and by 5.9% for the 12-month period ended in June.
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Inflation surges by 9.1%, driven by record gas pricesInflation surged 9.1% year-over-year in June, thanks to record gas prices. The Fed now has the go-ahead to make another super-sized interest rate hike.
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US inflation reached a new 40-year high in June of 9.1%Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, a 9.1% jump over last year.
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U.S. inflation climbs to new 41-year high of 9.1%, CPI shows, as gas prices surgeSurging gas prices drove the rate of inflation to 9.1%. By raising rates, the Fed aims to cool off the economy just enough to bring down inflation, ideally without triggering a recession. Yet many economists are doubtful they can succeed.
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Surging gas prices likely drove US inflation to 40-year highU.S. inflation likely reached a new 40-year high in June, driven up by a spike in gas costs, more expensive food and rent, and pricier cars and hotel rooms
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Surging Gas Prices Likely Drove US Inflation to 40-Year HighU.S. inflation likely reached a new 40-year high in June, driven up by a spike in gas costs, more expensive food and rent, and pricier cars and hotel rooms. A government report Wednesday is expected to show that consumer prices soared 8.8% in June compared with a year earlier, according to data provide FactSet. That would be an increase from 8.6% in May and the biggest yearly rise since December 1981. Inflation at that level would make it highly likely the Federal Reserve will implement another large interest rate increase at its next meeting in two weeks. Higher rates are intended to cool consumer and business spending and slow the economy and inflation.
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