US Inflation Hits 9.1%

The United States inflation hit 9.1 percent over the past 12 months ending in June, a record-high increase in four decades.

US Bureau of Labor Statistics released Wednesday the Consumer Price Index Summary for the past year, noting a 1.3 percent increase in Consumer Price Index for All Urban Consumers (CPI-U) in June after the 1-percent hike in May.

The statistics bureau reported that the gasoline, shelter, and food indexes are the largest contributors to inflation.

The energy index increased 41.6 percent, the largest 12-month increase since 1980. 

The food index reached 10.4 percent, with the food at home index reaching 12.2, the largest 12-month increase since 1979.

The war in Ukraine has affected the US economy, impacting inflation. According to the board of governors of the Federal Reserve System, the US central bank, the war has made the commodity and financial market highly volatile.

In March, the Biden administration banned the import of Russian oil, liquified natural gas, and coal as part of the sanctions against Russia. The White House said the US was able to take this step because of its “strong energy infrastructure.”

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