Dollar jumps, euro breaks parity after consumer prices surge

The dollar index reached 108.59, the highest since Oct. 2002, from around 107.9 before the data released

The dollar surged to a 20-year high against a basket of currencies and the euro broke below parity against the greenback after data on Wednesday showed U.S. consumer price inflation surged to a 40-1/2-year high in June, Qazet.az reports.

The consumer price index increased 1.3% last month as gasoline and food costs remained elevated, more than the 1.1% expected by economists. 

The euro plunged to $0.9998 against the greenback, breaking below the $1 level for the first time since Dec. 2002, before bouncing back to last trade at $1.0024.

The dollar index reached 108.59, the highest since Oct. 2002, from around 107.9 before the data released.