The U.S inflation rate spiked to a new 40-year high in June as the price of everyday necessities remains painfully high.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 9.1% in June from a year ago.
This is fastest growrh in the US inflation since December 1981.
Prices jumped 1.3% in the one-month period from May.
Both figures were far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.
U.S President Joe Biden had previously blamed Russian President Vladimir Putin’s “tax on both food and gas” for the U.S. high inflation.
However, last week he blamed Republicans for the economic crisis facing the country.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
