The annual inflation rate of the United States reached 9.1% in June, the highest rate in almost 41 years.
The Bureau of Labour Statistics (BLS) disclosed this on Wednesday in its latest consumer price inflation (CPI) report.
It said the pace of the consumer-price index increased in June compared to May’s annual rate of 8.6 percent.
According to BLS, the food and energy index are the major components with the highest rate.
“The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment,” it said.
The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indexes also rising. The food index rose 1.0 percent in June, as did the food at home index.
It further added that a similar increased rate was last recorded in November 1981.
In May, the federal reserve raised the interest rate by 50 percent basic points to curb rising inflation, the highest hike since 2000.
Since the Russia-Ukraine crisis started, global economies have been struggling to tame rising energy and food costs. The development is causing tension and frustration across the cities.
-The Cable.
