US inflation hitting 40-year peak

Last year, consumer prices rose 9.1%.

Inflation in the United States has once again outperformed forecasts, according to data that was made available by the Department of Labor on Wednesday. In June, inflation skyrocketed by 9.1 percent when compared to the same time period in the previous year.

According to the report, "The Consumer Price Index for All Urban Consumers increased by...9.1 percent over the previous year in June," and this figure was calculated without taking into account any seasonal influences. This is according to a statement that was released by the United States Bureau of Labor Statistics.

This represents the most significant increase in size that has taken occurring since 1981. The data that was provided by the Bureau indicates that the average cost of all commodities that were measured, with the exception of food and energy, experienced an increase of 5.9 percent over the course of the preceding calendar year.

At the time that they were making their estimates, economists had predicted that the year-on-year print would be 8.8 percent. This information comes from Bloomberg.

The higher reading can be linked to increases in the prices of gasoline, housing, and food that were substantially larger than expected to be seen in the market.

According to Bloomberg, the news has caused a rise in Treasury yields as well as a rise in the value of the currency, but it has also caused a decrease in the value of US stock futures.