US Consumer Prices Up 9.1% In Year To June, Biggest Growth Since 1981 - Labor Dept

WASHINGTON (Pakistan Point News / Sputnik - 13th July, 2022) US consumer prices jumped by more than 9% over the year to June, keeping up with the greatest pace of inflation since 1981, the Labor Department said in data on Wednesday that signaled no let up in aggressive interest rate hikes by the Federal Reserve to bring inflation lower.

"The all items index increased 9.1 percent for the 12 months ending June, the largest 12-month increase since the period ending November 1981," the department said in a news release referring to the all-items reading in the Consumer price Index (CPI).

Economists polled by US media had expected an 8.8% growth in the annual CPI reading, versus a year-on-year growth of 8.6% in May.

For June itself, the CPI grew by 1.3%, versus a previous 1% growth in May. Economists had projected a 1.1% month-on-month growth.