 "inflation")
US consumer prices accelerated in June as gasoline and food costs remained elevated, resulting in the largest annual increase in inflation in 40-1/2 years and cementing the case for the Federal Reserve to hike interest rates by 75 basis points later this month.
The consumer price index increased 1.3% last month after advancing 1.0% in May, the Labor Department said on Wednesday.
Economists polled by Reuters had forecast the CPI would rise 1.1%. Consumer prices are surging, driven by snarled global supply chains and massive fiscal stimulus from governments early in the COVID-19 pandemic.
The ongoing war in Ukraine, which
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
