Inflation Hits New Four-Decade High of 9.1%

by | Jul 13, 2022 | Business

U.S. consumer inflation climbed to 9.1% in June, a pace not seen in more than four decades, adding pressure on the Federal Reserve to act more aggressively to slow rapid price increases throughout the economy. The consumer-price index’s advance for the 12 months ended in June was the fastest pace since November 1981, the Labor Department said on Wednesday. A big jump in gasoline prices drove much of the increase, while shelter and food prices were also major contributors.

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