Gasoline, food drive U.S. consumer prices higher in June

Business 17:09 13 Jul, 2022

The consumer price index increased 1.3% last month

Gasoline, food drive U.S. consumer prices higher in June

U.S. consumer prices accelerated in June as gasoline and food costs remained elevated, resulting in the largest annual increase in inflation in 40-1/2 years and cementing the case for the Federal Reserve to hike interest rates by 75 basis points later this month, Qazet.az reports.

The consumer price index increased 1.3% last month after advancing 1.0% in May, the Labor Department said on Wednesday.

Economists polled by Reuters had forecast the CPI would rise 1.1%. Consumer prices are surging, driven by snarled global supply chains and massive fiscal stimulus from governments early in the COVID-19 pandemic.