US inflation jumps to 9.1%, highest rate since 1981 as consumer pressures intensify
consumer price index (CPI), a broad measure of everyday goods and services related to the cost of living, rose 9.1% from a year earlier, the largest gain since the end of 1981, the Bureau of Labor Statistics reported on Wednesday. Dow Jones expected the inflation measure to be around 8.8%
By Arghyadeep Dutta
Published - Jul 13, 2022, 11:43 AM ET
Last Updated - Mar 11, 2024, 10:40 AM EDT
• Excluding food and energy, core CPI rose 5.9%
• Adjusted for inflation, hourly wages fell 1% in June and are down 3.6% from last year
US inflation soared again to a new four-decade high last month, likely strengthening the Federal Reserve’s resolve to raise interest rates aggressively, which would risk overturning the economic expansion.
The consumer price index (CPI), a broad measure of everyday goods and services related to the cost of living, rose 9.1% from a year earlier, the largest gain since the end of 1981, the Bureau of Labor Statistics reported on Wednesday. Dow Jones expected the inflation measure to be around 8.8%.
