Read this in The Manila Times digital edition.
WASHINGTON, D.C.: United States inflation surged to a new four-decade high in June on rising prices of gas, food and rent, squeezing household budgets and pressuring the Federal Reserve (Fed) to hike interest rates aggressively, which raises the risk of a recession.
Official data released on Wednesday showed that the US government's consumer price index soared 9.1 percent over the past year, the biggest yearly increase since 1981, with higher energy costs accounting for nearly half of the increase.
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