RUNNING HOT

Inflation Jumped to an Eye-Watering 9.1% in June as Fuel Prices Surged

Runaway prices of fuel, food, and rent climbed even faster than was feared.

Inflation hit 9.1 percent in June, the highest rate seen in the U.S. since November 1981 amid rocketing prices for fuel, rent, and groceries. The Consumer Price Index, which acts as a gauge of inflation, spiked 1.3 percent from May to June, while the core CPI—which excludes food and energy—was up 5.9 percent from the start of 2022 to June. The huge rise is greater than many economists had forecast, indicating that inflation is continuing a widespread reduction in purchasing power across America, though the index number for July is likely to show a fall as fuel prices decline. The Labor Department’s bleak report on Wednesday could also set the stage for another hike in interest rates from the Federal Reserve later this month.