July 14, 2022
1 min read

Inflation hits 40-year-high, at 9.1% in June

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….reports Asian Lite News

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.

ALSO READ: With eye on Iran, Biden to ink deal with Israel   

Previous Story

Ex-US envoy admits to planning attempted foreign coups

Next Story

Indian tech companies employ over 2L Americans

Latest from -Top News

World Bank Warns of Growing Poverty in Pakistan

Instead of concentrating on rural development to reduce poverty, the Pakistan government has been focused more on increasing defence expenditure….reports Asian Lite News The World Bank has voiced deep concern over Pakistan’s

Hasina Faces Arrest in War Crimes Probe

Two formal charges were submitted by the ICT prosecution against Hasina and her security and defence advisor, Tarique Ahmed Siddique….reports Asian Lite News Bangladesh’s International Crimes Tribunal (ICT) on Wednesday issued arrest

Peace in Afghanistan Vital, Says India

The Indian delegation at the meeting was led by Ambassador to Russia Vinay Kumar who expressed support for independent, peaceful and stable Afghanistan….reports Asian Lite News On Tuesday, India reaffirmed that a

India, Qatar Strengthen Trade Ties

Goyal expressed optimism about the growing economic engagement between the two countries, stating, “Glad to meet Ahmed bin Mohammed Al-Sayed….reports Asian Lite News Union Minister of Commerce and Industry Piyush Goyal met
Go toTop

Don't Miss

US Hits ICC Judges Over Netanyahu Probe

The ICC denounced the sanctions, describing them as a “flagrant

US slams Niger junta’s plan to prosecute ousted President

Vedant Patel said that it would be “unwarranted and unjustified”