CPI Gain in June Marks 41-Year High

In June 2022, the Consumer Price Index rose 9.1% year-over-year, and 1.3% from the previous month in a broad-based advance, as U.S. inflation accelerated more than forecast, and expected to “keep the Federal Reserve on track for another big interest-rate hike later this month.” According to the U.S. Department of Labor’s (DOL) press release, the increase in June was the largest gain since the end of 1981. A 1.1% and 8.8% gains month-over-month and year-over-year respectively had been projected by economists “based on the Bloomberg survey median,” as gains top estimates for the fourth consecutive month. The largest contributors were the indexes for shelter, used cars and trucks, medical car, motor vehicle insurance, and new vehicles. Following the DOL’s press release, “treasury yields and the dollar jumped, while U.S. stock futures fell.”

Source:    https://www.crainsnewyork.com/economy/consumer-price-index-rises-9-percent-biggest-gain-41-years

U.S. DOL Press Release: https://www.bls.gov/news.release/pdf/cpi.pdf