US consumer price inflation surged 9.1 per cent over the past 12 months to June, the fastest increase since November 1981, according to government data released Wednesday. Driven by record-high gasoline prices, the consumer price index jumped 1.3 per cent in June, the Labor Department reported.
However, excluding volatile food and energy prices, “core” CPI increased 5.9 per cent over the past year, slowing from the pace in May, according to the data. But the rate rose 0.7 per cent compared to May, up slightly from the prior two months.
Energy contributed half of the monthly increase, as gasoline jumped 11.2 per cent in June and a staggering 59.9 per cent over the last 12 months. The war in Ukraine has pushed global energy and food prices higher, and US gas prices at the pump last month hit a record of more than $5 a gallon. However, prices have eased in recent weeks.
Food and housing prices also rose in June, as did car prices, though the rate has stabilized or slowed from the past month, the report said.