The Consumer Price index, which measures changes in the cost of a basket of goods, jumped 1.3% in June compared to the 1% increase in May — a sign that inflation kept burning hot last month.
Compared to one year ago, the index in June hit 9.1%, rising from the 8.6% year-on-year increase the month before — staying at the fastest pace in 40 years.
The June increase was heavily influenced by higher food and gas prices. Food prices increased 1% from May and 10.4% over the previous 12 months, while the cost of gasoline increased 11.2% from May and energy prices rose 60% over the past 12 months.
