According to the Bureau of Labor Statistics US consumer price inflation jumped 9.1 percent compared to June 2021
That is greater than the previous month and broke the last 40 years record.
Additionally, it is far higher than the 8.8 percent projected by economists.
According to the Consumer Price Index for June, prices consumers pay overall for a range of goods and services increased by 1.3 percent from May to June.
The price of gasoline increased significantly in June, rising by over 60% year over year.. Electricity prices also rose by 41.6%
Prices for food at home were up 12.2% over the year, with eggs up 33.1%, butter up 21.3%, milk up 16.4%, chicken up 18.6%, and coffee up 15.8%. Shelter costs were up 5.6%.
The June CPI inflation rate was "unacceptably high," according to President Joe Biden on Wednesday, but he added that it is "also out of date"
because gas costs had decreased over the past 30 days. From their peaks in June, gasoline and crude oil prices are now below $100 per barrel.
US inflation hit 40-year high
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