Inflation is a general rise in the price level of an economy over a period of time (Representative Image)
Washington: Fuelled by increase in the prices of oil, shelter and food, the inflation rate in the US rose to 9.1 per cent in June.
The inflation rate rise was the largest 12-month increase since the period ending November 1981.
The US Bureau of Labour Statistics said: “Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment.”
“The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 per cent in June on a seasonally adjusted basis after rising 1.0 per cent in May,” it said.
According to the Bureau, the increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors.
The energy index rose 7.5 per cent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 per cent and the other major component indexes also rising.
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 per cent over the last 12 months. The energy index rose 41.6 percent over the last year, the largest 12-month increase since the period ending April 1980.
The food index increased 10.4 per cent for the 12-months ending June, the largest 12-month increase since the period ending February 1981.
This post was last modified on July 13, 2022 10:07 pm