The news underscores the relentless price pressures that keep the Federal Reserve on track for another big interest-rate hike later this month.
later this month.
The consumer price index rose 9.1 per cent from a year earlier, the largest gain since the end of 1981, Labor Department data showed Wednesday. The widely followed inflation gauge increased 1.3 per cent from a month earlier, the most since 2005, reflecting higher gasoline, shelter and food costs. Economists projected a 1.1 per cent rise from May and an 8.8 per cent year-over-year increase, based on the Bloomberg survey medians.
The so-called core CPI, which strips out the more volatile food and energy components, advanced 0.7 per cent from the prior month and 5.9 per cent from a year ago, above forecasts.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Victoria urges face masks indoors as states adapt to worsening Covid waveElective surgeries are again at risk of being delayed with predictions hospitalisations may exceed past Covid waves
Read more »
Is tapping super to pay down a mortgage a feasible option?From the emails Money columnist NoelWhittaker is receiving, there is still confusion about strategies to mitigate CGT by making contributions to super.
Read more »