Soaring gas and food prices catapult US inflation to 40-year-high

US inflation accelerated in June by more than forecast, led by elevated prices for gasoline, food and housing costs and resulting in the largest annual increase in inflation in more than 40 years.

The news virtually guarantees that the Federal Reserve will hike interest rates by another three-quarters of a point this month. Biden is trying to rebuild America’s middle class. Our lopsided economy needs it Heather Cox Richardson Read more

The consumer price index increased 1.3% last month after advancing 1% in May, the US labor department said, pushing inflation to 9.1% from 8.6%. Economists polled by Reuters had forecast the CPI would rise 1.1%.

Read mmore at Soaring gas and food prices catapult US inflation to 40-year-high | US economy | The Guardian