Tue. Apr 16th, 2024

Consumer prices are up 9.1% over the last 12 months

Inflation in the US has once again exceeded forecasts, jumping by 9.1% in June compared to the same period of last year, the Department of Labor said on Wednesday.

“In June, the Consumer Price Index for All Urban Consumers rose…9.1 percent over the last 12 months, not seasonally adjusted.” reads a release by the US Bureau of Labor Statistics. This is the largest increase since 1981. The Bureau’s data shows that all items measured except for food and energy became on average 5.9% more expensive over the year.

Economists, meanwhile, had predicted an 8.8% year-on-year print, according to Bloomberg. The higher reading reflects larger than anticipated increases in gasoline, accommodation and food costs. The report has pushed Treasury yields and the dollar higher, while US stock futures have fallen, Bloomberg notes.

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