Inflation Report: June Prices Up 9.1% Over Last Year

CNBC reports:

Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday.

The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of the fastest pace for inflation going back to December 1981.

Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared to the 5.7% estimate. On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%.

Read the full article. As you see in the screenshot above, gas prices have fallen in recent weeks.

BREAKING: Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households. Consumer prices soared 9.1% compared with a year earlier, the biggest 12-month increase since 1981. https://t.co/VWfRKv0ABI

— The Associated Press (@AP) July 13, 2022

JUST IN: Inflation in June surged to 9.1% — another four-decade record propelled by sky-high prices for gas, shelter and food.https://t.co/hIGtl1ziez

— NPR (@NPR) July 13, 2022