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Ongoing, First published Jul 13, 2022
U.S. consumer prices accelerated again last month to the hottest print of the current inflation cycle. The Bureau of Labor Statistics' June Consumer Price Index (CPI) reflected a year-over-year increase of 9.1% last month, up from the prior 40-year high of 8.6% in May. Consensus economists were expecting June's reading to show an 8.8% increase, according to estimates compiled by Bloomberg. On a monthly basis, the broadest measure of inflation rose at a pace of 1.3%, compared to 1.0% in May and higher than the 1.1% rise economists had projected. The continued surge in inflation across the U.S. economy was elevated by high food costs and record gasoline prices, which topped more than $5 per gallon at the pump last month. "Core" CPI, which excludes the volatile food and energy components of the report, rose 5.9%, compared to 6.0% in May.All Rights Reserved
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