Inflation hit 9.1 percent in June, the highest rate seen in the U.S. since November 1981 amid skyrocketing fuel, rental and grocery prices. The consumer price index, which acts as an indicator of inflation, rose 1.3 percent from May to June, while the underlying CPI, which does not include food and energy, rose 5.9 percent. percent from early 2022 through June. The huge increase is larger than many economists had predicted, indicating that inflation continues with a widespread decline in purchasing power across the Americas, although the July index figure is likely to show a fall in as fuel prices fall. Wednesday’s Labor Department’s bleak report could also lay the groundwork for another Federal Reserve interest rate hike later this month.
Read it in the New York Times