Inflation surges to new 40-year high as CPI rises 9.1% in June

U.S. consumer prices accelerated again last month to the hottest print of the current inflation cycle.

The Bureau of Labor Statistics' June Consumer Price Index (CPI) reflected a year-over-year increase of 9.1% last month, up from the prior 40-year high of 8.6% in May. Consensus economists were expecting June's reading to show an 8.8% increase, according to estimates compiled by Bloomberg.

On a monthly basis, the broadest measure of inflation rose at a pace of 1.3%, compared to 1.0% in May and higher than the 1.1% rise economists had projected.

The continued surge in inflation across the U.S. economy was elevated by high food costs and record gasoline prices, which topped more than $5 per gallon at the pump last month.

“Core” CPI, which excludes the volatile food and energy components of the report, rose 5.9%, compared to 6.0% in May.

(This post is breaking. Please check back for updates.)

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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