Inflation Climbs to 9.1%, Fastest Pace in Four Decades; Most of Economy Affected, Spiked by Gasoline, Food, Housing

U.S. inflation climbed to 1.3% in June 2022, with an annual rate of 9.1% across the past 12 months, before seasonal adjustments, the worst since November 1981.

Inflation also has been picking up pace, with June's rate higher than the 1.0% monthly inflation, and 8.6% annual rate, that had been tallied in May.

While gasoline, housing and food were lead contributors, increasing inflation has been broad-based.

The gasoline index rose 11.2%, while the energy index generally rose 7.5% over the month and contributed nearly half of the overall increase. The food index rose 1.0% in June. Taking out food and energy, remaining elements of the all items index still rose 0.7% for the month, a higher pace than preceding months.

Some other leading contributors to inflation included housing; cars and trucks, especially used vehicles; medical care; motor vehicle insurance; apparel; household furnishings and operations; and recreation.

> Consumer Price Index - U.S. Bureau of Labor Statistics 7.13.22

> U.S. Inflation Hits New Four-Decade High of 9.1%; Prices up broadly across the economy, with gasoline far outpacing other categories - WSJ 7.13.22

> Skyrocketing inflation forces shoppers to work overtime and change diets as prices soar; Inflation has shoppers in the nation's capital changing spending, working and eating habits - Fox 7.13.22

> Inflation surges 9.1% in June, accelerating more than expected to new 40-year high Economists expected the consumer price index to climb 8.8% in June - Fox 7.13.22

Key Words: Economy, Inflation, Energy

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