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U.S. inflation rises 9.1% in June, more than expected, as prices keep climbing
The Consumer Price index, which measures changes in the cost of a basket of goods, jumped 1.3% in June compared to the 1% increase in May — a sign that
The Consumer Price index, which measures changes in the cost of a basket of goods, jumped 1.3% in June compared to the 1% increase in May — a sign that inflation kept burning hot last month.
Compared to one year ago, the index in June hit 9.1%, rising from the 8.6% year-on-year increase the month before — staying at the fastest pace in 40 years.
Wall Street analysts were expecting a month-on-month increase of 1.1% and an annual increase of 8.8%.
The June increase was heavily influenced by higher food and gas prices. Food prices increased 1% from May and 10.4% over the previous 12 months, while the cost of gasoline increased 11.2% from May and energy prices rose 60% over the past 12 months. Excluding food and gas prices, inflation increased 0.7% on the month and 5.9% for the year.
But the gains were broad-based, with everything from rent to motor vehicle costs increasing at the fastest pace in decades. The cost of dental services, the Bureau of Labor Statistics noted, surged 1.9% month on month — its largest-ever increase.
Geopolitical crises like Russia's invasion of Ukraine continued to push up food and gas prices, according to Mark Hamrick, senior economic analyst with Bankrate.com. "It’s fair to say there may have been overly aggressive hopes that the war in Ukraine would be resolved quickly and in Ukraine’s favor," he said, "and then there's the question mark of Covid and the appearance of new lockdowns emerging. That is making the supply chain issue unresolved."
Over the past month, prices at the pump have actually fallen from the $5 average nationally to about $4.65, according to AAA — raising hopes that inflation may have peaked in June.