Customers shop at a grocery store in Mount Prospect, Ill., Friday, April 1, 2022. USDA says food inflation rate to soar, highest since 2008.AP Photo/Nam Y. Huh
WASHINGTON — Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.
Consumer prices soared 9.1% compared with a year earlier, the government said Wednesday, the biggest yearly increase since 1981, and up from an 8.6% jump in May. From May to June, prices rose 1.3%, another huge increase, after prices had surged 1% from April to May.
Note to readers: if you purchase something through one of our affiliate links we may earn a commission.