The consumer price index hit another 40-year high in June, up 1.3% from May and 9.1% from the year before. Broad-based increases contributed to this hike, and high energy prices persisted in driving the report.
Energy prices continued to soar in June, with gasoline prices rising 59.9% from the year before. Consumers may have noticed a recent decline in prices at the pump, but drops in recent weeks are not yet recorded in the data. If that trend continues, future reports may see decreased headline numbers.
Core inflation, stripped of volatile food and