US inflation hits highest rate in 4 decades – The Economic Times Video

Surging costs for fuel, meals and lease catapulted U.S. inflation to a brand new four-decade peak in June, additional pressuring households and sure sealing the case for one more giant rate of interest hike by the Federal Reserve, with increased borrowing prices to observe. Shopper costs soared 9.1% in contrast with a yr earlier, the federal government mentioned Wednesday, the largest yearly enhance since 1981, and up from an 8.6% soar in Could. From Could to June, costs rose 1.3%, one other substantial rise, after costs had jumped 1% from April to Could.