Market Updates
Consumer Inflation Accelerates In June to a New 4-Decade High
Brian Turner
13 Jul, 2022
New York City
Consumer prices accelerated in June largely driven by higher prices for energy, shelter, and food.
The all-item consumer price index increased 9.1% in June after rising at 8.6% in May, the fastest pace of increase since November 1981, the Bureau of Labor Statistics reported on Wednesday.
The annual increase in inflation has been keenly watched by economists, traders, and investors looking for the clues of when price increases are likely to peak.
On a monthly basis, the consumer price index increased 1.3% in June on a seasonally adjusted basis after rising 1.0%.
Core consumer prices, excluding food and energy, rose 0.7% after increasing 0.6% in the previous two months.
The largest contributors to the price increases were shelter, used cars and trucks, medical care, motor vehicle insurance, and new vehicles.
The prices jumped across the board and food prices soared 10.4%, the fastest pace of price increase since February 1981.
Energy prices rose 41.6% on an annual basis, the largest increase since April 1980.
Gasoline prices continued to surge in the month driving much of the inflation.
Gasoline prices rose 11.2% on a monthly basis and soared 59.9% on an annual basis.
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