Us June Inflation soared by 9.1%, A New 40-Year High, Amid High Gas Prices

The inflation report released by the Bureau of Labor Statistics on Wednesday morning showed prices rose by 1.3% in June.

Prices rose 9.1 percent in June, year-over-year, setting a new peak, and inflation remains 40 years high, driven in large part by higher energy prices.

Energy prices rose by 7.5 percent from May through June alone, accounting for almost half of month-over-month inflation.

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Soaring prices of gasoline, food, and rent pushed American inflation to a new four decade peak in June, further straining households and possibly setting up the stage for another big Fed rate increase, which would likely set up higher borrowing costs.

The continued run-up in inflation has alarmed Chairman Jerome Powell and other Federal Reserve officials, who are engaged in the fastest round of interest rate increases since the late 1980s in an effort to slow the upward spiral.

Gas prices, for instance, fell from an eye-watering $5 per gallon hit in mid-June to an average of $4.66 nationally Tuesday, still well above where they were a year ago, but a decline that may help to slow inflation in July and perhaps August.