Inflation in the US soared to its highest level since November 1990 with prices across the board moving higher, data showed yesterday. The headline rate hit 6.2%, compared to market estimates of 5.8%, while the core rate rose to 4.6% against expectations of 4.3%. This latest jump in price pressures will surely put to bed the multi-month ‘transitory’ argument and will add pressure on the Federal Reserve to hike rates sooner rather than later.
