Inflation Surged to 40 Year High in June

Inflation reached a new peak last month as consumer prices jumped by 9.1% year-over-year. According to data published by the Bureau of Labor Statistics the level is the highest it’s been in over 40 years and higher than the previous reading of 8.6% for the year ending in May. It’s also much higher than what economists predicted. The rise in June was driven by a jump in gas prices which were up 60% over the year. Other increases include prices for food at home which went up 12.2% with eggs up 33.1%, butter up 21.3% and milk up by 16.4% among other items.