US consumer price growth continued to accelerate in June, hitting the highest level since August 2008, and coming above analysts’ estimates, largely driven by rising energy prices and low base effects from last year.
The headline consumer price index (CPI) figure jumped to 5.4% year-on-year, exceeding the 5% peak in May and topping analysts’ expectations of 4.9%, according to the data released by US Bureau of Labour Statistics. The core inflation rate, which excludes food and energy prices, spiked to 4.5% – the highest reading since November 1991 – and exceeding the estimate of 4%.
The increase in CPI was largely driven by rising energy prices, which grew 24.5% in June from a year ago, down from a 28.5% increase in May. The upward pressure came from a 45% spike in petrol prices, and is due to low base effects from the impacts of the pandemic on the economy last year.
'Hooray, Biden killed the pipeline!" ----braindead liberal