ICYMI: Inflation rose 9.1% in June, even more than expected, as price pressures intensify.
The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked the fastest pace for inflation going back to November 1981.
On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%., as the gains were based across a variety of categories. "U.S. inflation is above 9%, but it is the breadth of the price pressures that is really concerning for the Federal Reserve." said James Knightley, ING's chief international economist. "With supply conditions showing little sign of improvement the onus is the on the Fed to hit the brakes via higher rates to allow demand to better match supply conditions. The recession threat is rising."Energy prices surged 7.5% on the month and were up 41.6% on a 12-month basis.
Airline fares were one of the few areas seeing a decline, falling 1.8% in June though still up 34.1% from a year ago. The meat, poultry, fish and eggs category also dropped 0.4% for the month but is up 11.7% on an annual basis.
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