June Inflation Hits 9.1 Percent, New 40-Year High

The U.S. annual inflation rate climbed to 9.1 percent in June, topping the market estimate of 8.8 percent and May’s annual rate of 8.6 percent. This was the highest level since November 1981. Surging costs of fuel, housing, and food were major contributors to high inflation last month According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) rose 1.3 percent month-over-month. The monthly inflation was also higher than economists’ expectations of 1.1 percent. The core inflation rate, which removes the volatile food and energy sectors, eased to 5.9 percent. But this was higher than the forecasts…