US inflation accelerated in June by more than forecast, underscoring relentless price pressures that keep the Federal Reserve on track for another big interest-rate hike later this month.
The consumer price index rose 9.1 per cent from a year earlier, the largest gain since the end of 1981, Labor Department data showed on Wednesday. The widely followed inflation gauge increased 1.3 per cent from a month earlier, the most since 2005, reflecting higher gasoline, shelter and food costs.
Economists projected a 1.1 per cent rise from May and an 8.8 per cent year-over-year increase, based on the Bloomberg survey medians.
The so-called core CPI, which strips out the more volatile food and energy components, advanced 0.7 per cent from the prior month and 5.9 per cent from a year ago, above forecasts.
