Inflation hit a new 40-year high in June, with consumer prices rising 9.1% in the past 12 months, the Labor Department said. Wednesday. It is the fastest price increase since 1981.
Core inflation, which excludes volatile food and energy prices, rose 5.9% in the past 12 months, slowing its pace since May.
Gasoline, food and housing led the increases in June.
Inflation has become the most pressing economic concern for Americans, as well as a political hurdle for the Biden Administration. The Federal Reserve has beenat the fastest pace in more than two decades as it tries to rein in rising prices.
This is a developing story and will be updated.