US inflation surged to record 9.1% in June

By Associated Press

Jul 15, 2022 12:05 am

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.

PAYING PAIN Luis Castrillo pays for the items he picked up at the Shell Lumber and Hardware home improvement store in Miami, Florida on Wednesday, July 13, 2022 (July 14 in Manila). GETTY IMAGES PHOTO VIA AFP

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