US consumer prices rose more than forecast in June, hitting an annual pace of 9.1 per cent, a fresh 40-year high that cements expectations the Federal Reserve will deliver another historically large interest rate increase this month.
The consumer price index published by the Bureau of Labor Statistics on Wednesday further accelerated in June, above economists’ estimates for an 8.8 per cent increase. It marked the fastest year-over-year increase since November 1981.
Between May and June, prices jumped another 1.3 per cent, following a 1 per cent rise in May.
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