US annual consumer prices jumped 9.1 per cent in June, the largest increase in more than four decades, leaving Americans to dig deeper to pay for gasoline, food, healthcare and rents.
The bigger-than-expected rise in the year-on-year consumer price index reported by the US Labor Department on Wednesday also reflected higher prices for a range of other goods and services, including motor vehicles, apparel and household furniture.
"You would expect the CPI [report] that we saw would be a big risk-off event, but the market has shrugged," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. While all three major US equity indexes bounced off lows reached early in the day, and occasionally edged into positive territory throughout the session, they were all red by the closing bell.
But after Wednesday's data from the Labor Department showed rising costs of gas, food and rent drove the CPI up 9.1 last month from a year earlier, the view may have changed.
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