Inflation shoots up and reaches 9.1% year-on-year in the United States, driven by the record price of gasoline

US inflation hits food stalls 3:29 (CNN) — Inflation soared in June, with US consumer prices rising 9.1% year-on-year, according to new data. released Wednesday by the Bureau of Labor Statistics. This figure is higher than the previous one, when prices rose 8.6% in the year ending in May, and much higher than the 8.8% that economists had forecast, according to Refinitiv. The Consumer Price Index for June also showed that the overall prices consumers pay for a range of goods and services rose 1.3% from May to June. Much of the increase in June was due to higher gasoline prices. Americans faced record gasoline prices last month, with the national average topping $5 a gallon across the country. The White House said earlier this week that it expected “very high” inflation data, citing the continued impact of Russia’s invasion of Ukraine. Excluding food and energy costs, which typically represent transitory fluctuations, core CPI prices rose 0.7% in the same period and 5.9% in the 12-month period ending June. The Federal Reserve pays close attention to these basic data when assessing future inflation trends, and the latest figures are likely to give the central bank the green light to continue its aggressive series of rate hikes to cool the economy and drive down prices. . The Fed is expected to raise its benchmark interest rate by at least 75 basis points at its next policy meeting on July 26-27.