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US Inflation Rises 9.1% in June, Exceeds Expectations

Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
US Inflation Rises 9.1% in June, Exceeds Expectations

US Inflation Rises 9.1% in June, Exceeds Expectations

US Inflation Rises 9.1% in June, , Exceeds Expectations.

NBC News reports that the Consumer Price index hit 9.1% in June compared to a year ago and jumped 1.3% from May's 1% increase.

Wall Street analysts were only expecting a 1.1% increase from May and an annual rise of 8.8%.

Higher food and gas prices played a big role in the June increase.

Higher food and gas prices played a big role in the June increase.

Over the past 12 months, food prices have increased over 10.4%, while gas costs have skyrocketed 60% within the same time period.

Over the past 12 months, food prices have increased over 10.4%, while gas costs have skyrocketed 60% within the same time period.

Not taking food and gas into account, inflation rose 0.7% on the month and 5.9% for the year.

According to the Bureau of Labor Statistics, a wide range of costs are increasing, including dental services, .

Which experienced its largest-ever increase of 1.8% month on month.

Mark Hamrick, a senior economic analyst with Bankrate.com, says geopolitical issues such as the war in Ukraine kept food and gas prices rising.

It’s fair to say there may have been overly aggressive hopes that the war in Ukraine would be resolved quickly and in Ukraine’s favor, Mark Hamrick, a senior economic analyst with Bankrate.com, via NBC News.

It’s fair to say there may have been overly aggressive hopes that the war in Ukraine would be resolved quickly and in Ukraine’s favor, Mark Hamrick, a senior economic analyst with Bankrate.com, via NBC News.

And then there's the question mark of COVID and the appearance of new lockdowns emerging.

That is making the supply chain issue unresolved, Mark Hamrick, a senior economic analyst with Bankrate.com, via NBC News.

And then there's the question mark of COVID and the appearance of new lockdowns emerging.

That is making the supply chain issue unresolved, Mark Hamrick, a senior economic analyst with Bankrate.com, via NBC News.

According to AAA, gas prices have slightly fallen over the past month, which may be a sign that inflation peaked in June, .

But some experts say it's merely a temporary reaction caused by the fear of a global recession


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