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
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.