Last month, U.S. inflation roared to a new four-decade high, likely strengthening the Federal Reserve's resolve to aggressively raise interest rates and risk up-ending the economic expansion.
The consumer price index (CPI) rose 9.1 percent from a year earlier in a broad-based advance—the largest gain since the end of 1981, Labor Department data showed Wednesday. The widely followed inflation gauge increased 1.3 percent from a month earlier, the most since 2005, reflecting higher gasoline, shelter, and food costs.
Economists projected a 1.1 percent rise from May and an 8.8 percent year-over-year increase, based on the Bloomberg survey medians. This was the fourth-straight month that the headline annual figure topped estimates.
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