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Financial News: U.S. Consumer Prices Jump More Than Expected In

U.S. Consumer Prices Jump More Than Expected In June

07/13/2022 - 08:38:00 (RTTNews)

(RTTNews) - The Labor Department released a highly anticipated report on Wednesday showing U.S. consumer prices surged by more than expected in the month of June.

The report showed the consumer price index shot up by 1.3 percent in June after jumping by 1.0 percent in May. Economists had expected consumer prices to leap by 1.1 percent.

Excluding increases in prices for food and energy, core consumer prices advanced by 0.7 percent in June after climbing by 0.6 percent in May. Core prices were expected to rise by another 0.6 percent.

With the bigger than expected monthly surge, the annual rate of consumer price growth accelerated to 9.1 percent in June, reflecting the biggest increase since November 1981.

Economists had expected the annual rate of consumer price growth to accelerate to 8.8 percent in June from 8.6 percent in May.

While the annual rate of core consumer price growth slowed to 5.9 percent in June from 6.0 percent in May, the rate of growth was expected to decelerate to 5.7 percent.

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