Inflation rate hit 9.1 percent annually in June
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Inflation picked up speed in June after another surge in oil prices drove up costs throughout the economy, according to data released Wednesday by the Labor Department.
The consumer price index (CPI) rose 1.3 percent in June and 9.1 percent over the past 12 months. Economists expected monthly inflation to hit roughly 1 percent in June after prices rose 1 percent in May, and 8.8 percent annually after reaching 8.6 percent that month. Annual inflation reached the highest rate in June since November 1981.
While inflation has been rising steadily for more than a year, the war in Ukraine’s impact on global food, energy and commodity supplies has ramped up pressure on prices since the start of 2022.
Much of the June increase in inflation came from a 11.2 percent rise in gasoline costs and a 1 percent increase in food prices over the past month, according to Labor Department data. A 7.5 monthly increase in energy prices drove nearly half of the total monthly increase in the CPI, the Labor Department said.
Gasoline prices nationwide rose above $5 per gallon on average at the peak of June’s price climb, but fell off substantially in July.
The White House, which has struggled to tame inflation and public concern with it, played down the CPI report as outdated ahead of its Wednesday release.
Biden administration economic officials cited the July decline in gas prices and other signs of supply chain pressure easing throughout the economy as reason for optimism in a Tuesday memo to reporters. They also preemptively blamed the June inflation surge on Russian President Vladimir Putin and his nation’s quest to dominate Ukraine.
Even so, inflation without food and energy prices still rose 0.7 percent in June and 5.9 percent over the past 12 months, according to the Labor Department. The surge in core inflation far exceeded economists expectations and covered a large swath of the economy—including sectors largely unaffected by the war in Ukraine or sanctions imposed on Russia.
Prices for shelter, used cars and trucks, medical care, motor vehicle insurance, and new vehicles rose the most among non-food and energy items in June, the Labor Department reported. Only airline fares and hotel rates fell in June, though airline fares remain up 34.1 percent over the past year.
Updated at 9:10 a.m.
Source: TEST FEED1
