By Geoffrey Smith
Investing.com -- Consumer inflation in the U.S. leaped to a new four-decade high of 9.1% in June, exceeding analysts' forecasts and piling further pressure on the Federal Reserve to bring it down with faster interest rate rises.
The Bureau of Labor Statistics said prices rose 1.3% on the month alone, which was itself the biggest monthly gain since 2005. That was due largely to big increases in prices for food, gasoline, and shelter.
Stripping out the more volatile areas of the consumer price index, core prices rose 0.7% from May, their biggest increase in a year.
While the exceptionally strong annual inflation rate is largely affected by base effects from developments 12 months ago, the monthly rate is still strongly suggestive of broad, ongoing price pressures in the economy.