US Inflation rose 9.1% in June, the highest since 1981

The US consumer price index (CPI), a broad measure of everyday goods and services related to the cost of living, jumped 9.1% from a year ago above the 8.8% estimated. That marked another month of the fastest pace for inflation going back to November 1981, according to CNBC Arabia.

Excluding the volatile food and energy prices, core inflation increased by 5.9%, compared to estimates of 5.5%.

With gasoline and food prices continuing to rise, the Fed is expected to continue its plan to raise interest rates by 75 basis points again later this month.

Gasoline prices in the United States hit record levels last month when they topped $5 per gallon, but have eased from last month’s peak of $4,631 per today.