US inflation hits 9.1% in June, highest in 41 years

US inflation hits 9.1% in June, highest in 41 years

Driven by record-high gasoline prices, the consumer price index jumped 1.3%.

US gas prices at the pump hit a record of more than US$5 a gallon last month. (AP pic)
WASHINGTON:
US consumer price inflation surged 9.1% over the past 12 months to June, the fastest increase since November 1981, according to government data released today.

Driven by record-high gasoline prices, the consumer price index jumped 1.3% in June, the labour department reported.

However, excluding volatile food and energy prices, “core” CPI increased 5.9% over the past year, slowing from the pace in May, according to the data.

But the rate rose 0.7% compared to May, up slightly from the prior two months.

Energy contributed half of the monthly increase, as gasoline jumped 11.2% in June and a staggering 59.9% over the last 12 months.

The war in Ukraine has pushed global energy and food prices higher, and US gas prices at the pump last month hit a record of more than US$5 a gallon.

However, prices have eased in recent weeks.

Food and housing prices also rose in June, as did car prices, though the rate has stabilised or slowed from the past month, the report said.

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