US Consumer Prices Surge to New 40-Year High of 9.1%

From Industry Week

U.S. inflation surged to a fresh peak of 9.1% in June, further squeezing American families and heaping pressure on President Joe Biden, whose ratings have taken a battering from the relentless rise in prices.

Government data released Wednesday showed a sharp, faster-than-expected increase in the consumer price index from the previous month driven by significant increases in gasoline prices.

The 9.1% CPI spike over the past 12 months to June was the fastest increase since November 1981, the Labor Department reported.

Energy contributed half of the monthly increase, as gasoline jumped 11.2% in June and a staggering 59.9% over the past year. Overall energy prices posted their biggest annual increase since April 1980.

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