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.

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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.