US inflation surged to 9.1% in June, ahead of expectations for a print of 8.8% to the highest level seen since November 1981.
According to the Bureau of Labor Statistics, June’s reading, up from 8.6% in May, comes as energy prices rose 41.6% last month, the most since April 1980.
Food costs surged 10.4%, the most since February 1981, with food at home costs jumping 12.2%, the largest 12-month increase since April 1979.
Increases were also seen in the cost of shelter, up 5.6%, household furnishings and operations, up 9.5%, new vehicles, up 11.4%, used cars and trucks, up 1.7%, and airline fares, up 34.1%.
At the core level, which excludes food and energy, inflation increased 5.9% – slightly below the 6% clip in May but above forecasts for a reading of 5.7%.
Reporting by Iain Gilbert at Sharecast.com