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Inflation Exploded 9.1% in June, even more than expected

Economists expected the consumer price index to climb 8.8% in June

Inflation rose to a new forty year high last month as the price of everyday necessities remains excruciatingly high, placing a huge financial strain on millions of Americans and worsening a political crisis for President Biden.

The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 9.1% in June from a year ago. Prices jumped 1.3% in the one-month period from May. Those figures were both far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.

It marks the fastest pace of Inflation since December 1981.