Inflation Hits 9.1 Percent in June, New 40-Year High

Surging costs of fuel, housing, and food were major contributors to high inflation last month

People shop at a grocery store in New York on May 31, 2022. Samira Bouaou/The Epoch Times

The U.S. annual inflation rate climbed to 9.1 percent in June, reaching its highest level since November 1981 and topping the market estimate of 8.8 percent and May’s annual rate of 8.6 percent.

According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) rose by 1.3 percent month-over-month. The monthly inflation also was higher than economists’ expectations of 1.1 percent.