June inflation numbers: 40 year high
July 13, 2022 12:00PM CDT
WASHINGTON (AP) — Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June.
The numbers will further pressure households and likely seal the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.
Consumer prices soared 9.1% compared with a year earlier, the biggest 12-month increase since 1981, and up from an 8.6% jump in May.
On a monthly basis, prices rose 1.3% from May to June, another substantial increase, after prices had jumped 1% from April to May.