Inflation hit a new, 40-year high in June, with consumer prices up 9.1% from a year ago.
The prices of Gas were a big part of this,
but the cost of essentials like food and shelter are also rising rapidly.
Pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.
Consumer prices soared 9.1 percent compared with a year earlier, the government said Wednesday,
the biggest 12-month increase since 1981, and up from an 8.6 percent jump in May.
On a monthly basis, prices rose 1.3 percent from May to June,
another substantial increase, after prices had jumped 1 percent from April to May.
The ongoing price increases underscore the brutal impact that inflation has inflicted on many families, with the costs of necessities, in particular, rising much faster than average incomes.
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