Inflation climbed to a new 40-year high in June
Inflation jumped 9.1 percent from a year ago in June, its fastest pace in roughly four decades, the Labor Department reported Wednesday.
Economists had predicted an 8.8 percent rise, CNN reports. June's rate also surpassed that of May, when the consumer price index — which measures the price of goods and services — climbed 8.6 percent annually.
Excluding volatile food and energy prices, the so-called core CPI rose 5.9 percent from a year ago, writes CNBC. And on a monthly basis, "core prices accelerated slightly to 0.7 percent in June compared with the prior month, when they rose by 0.6 percent," adds The Wall Street Journal.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Much of June's increase was driven by gasoline prices, "which were up nearly 60 percent over the year," per CNN. Prices were also up in food and shelter categories. It is worth noting, however, that gas prices have somewhat moderated in recent weeks.
To further combat rising prices, the Federal Reserve is expected to again raise interest rates by 0.75 of a percentage point at its next meeting at the end of July.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
6 charming homes for the whimsical
Feature Featuring a 1924 factory-turned-loft in San Francisco and a home with custom murals in Yucca Valley
By The Week Staff Published
-
Big tech's big pivot
Opinion How Silicon Valley's corporate titans learned to love Trump
By Theunis Bates Published
-
Stacy Horn's 6 favorite works that explore the spectrum of evil
Feature The author recommends works by Kazuo Ishiguro, Anthony Doerr, and more
By The Week US Published
-
Is inflation about to surge again?
Talking Points The Federal Reserve is cautious about Trump's policies
By Joel Mathis, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published