The Bureau of Labor Statistics reported Wednesday that the consumer price index increased 9.1% from a year ago in June, above the 8.8% Dow Jones estimate..
Inflation rose 9.1% in June, even more than expected, as price pressures intensify https://t.co/aQ1PskuTba
— CNBC Now (@CNBCnow) July 13, 2022
Food and energy prices were leading contributors to the high inflation rate.
The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent.
The food index rose 1.0 percent in June, as did the food at home index.
The all items less food and energy index rose 5.9 percent over the last 12 months.
Among the few major component indexes to decline in June were lodging away from home and airline fares.
Read the full report here.
The June CPI reading was even worse than the 8.8% estimate. Core also rose more than expected. Both seem to defy the narrative that inflation has peaked and June was all about gas prices. The rental index, a key CPI component, posted its biggest single-month gain since 1986.
— Jeff Cox (@JeffCoxCNBCcom) July 13, 2022