Inflation in the US rose to 9.1%, reaching the highest level in 40 years

The US inflation rate rose to 9.1 percent in June, putting more pressure on US President Joe Biden as his public support wanes as prices continue to rise.

Government data released today Wednesday showed a sharp and faster-than-expected rise in the consumer price index compared to last month, driven by a significant rise in gasoline prices.

The rise in the consumer price index, which rose to 9.1 percent year-on-year through June, was the fastest since November 1981, according to the Labor Department.

Energy provided half of the month’s gains as gasoline prices jumped 11.2% in June and 59.9% over the past 12 months.

Overall, energy prices have experienced the largest annual increase in history since April 1980.

US President Joe Biden described the announced inflation figures as “unacceptably high” but felt they did not reflect recent developments.

Source: AFP

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