US inflation jumps to 9.1% in June, highest since 1981
The annual inflation in the United States increased to 9.1% in June, the Labor Statistics Bureau revealed in its report on Wednesday, with the figure going above analysts’ expectations and reaching the highest level since November 1981. Month on month, Consumer Price Index (CPI) rose by 1.3%.
Sharp growth in the food, gasoline, and shelter prices was the main cause of such a high reading. The energy prices soared 41.6% in June year over year, the highest since April 1980. The food prices surged 10.4% in comparison to the same period last year.
The core CPI, which excludes food and energy, was up 5.9% in June on an annual basis, marking a slight decrease from the May reading, which stood at 6.0%. On a monthly basis, the figure grew 0.7% in June.