The U.S. annual inflation rate climbed to 9.1 percent in June, topping the market estimate of 8.8 percent.
According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) rose 1.3 percent month-over-month. This was also higher than economists’ expectations of 1.1 percent.
The core inflation rate, which removes the volatile food and energy sectors, eased to 5.9 percent. But this was higher than the forecasts of 5.7 percent. On a monthly basis, the core inflation rose at a higher-than-expected pace of 0.7 percent.
Food prices soared 10.4 percent, while the energy index advanced 41.6 percent.
Nearly every food item, except uncooked beef steak, was more expensive last month. Beef and veal rose 8.2 percent, pork surged 9 percent, chicken soared 18.6 percent, and ham increased 9.6 percent….
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