China News Agency, Washington, July 13. Data released by the U.S. Department of Labor on the 13th showed that the U.S. consumer price index (CPI) in June rose by 1.3% month-on-month and 9.1% year-on-year.

This is the largest month-on-month increase in the U.S. price index this year, and it is also the third time that the year-on-year increase has reached a peak in 40 years after March and May.

　　Although the market expected the US CPI to continue to rise, the 9.1% year-on-year increase still exceeded the previous consensus forecast of 8.8%.

The Wall Street Journal believes that this will prompt the Fed to raise interest rates by another 75 basis points at its regular monetary policy meeting at the end of July.

　　Data showed that energy prices were the main factor driving up U.S. prices in June.

Energy prices rose 7.5% month-on-month and 41.6% year-on-year.

Among them, gasoline prices rose 10.4% month-on-month and 60.6% year-on-year.

　　U.S. gasoline and diesel prices both hit record highs above $5 a gallon in June and remain high.

According to data from the American Automobile Association on the 13th, the average gasoline price in the United States that day was $4.631 per gallon (about 3.7 liters per gallon).

　　Food prices in the United States rose 1.0% month-on-month in June and 10.4% year-on-year.

Excluding volatile food and energy prices, the U.S. core CPI rose 0.7% month-on-month in June, the biggest gain this year.

　　The US "Capitol Hill" pointed out that the soaring of the US core CPI also exceeded economists' expectations, and the areas of price increases covered those industries that were not affected by the Russian-Ukrainian conflict or sanctions against Russia.

In June, the prices of U.S. housing, new cars, and health care all saw substantial month-on-month increases.

　　The Associated Press analysis said that the June inflation data not only brought further pressure to American households, but also laid the foundation for the Federal Reserve to raise interest rates sharply again.

Federal Reserve Chairman Jerome Powell has previously said that he will not adjust the pace of rate hikes until he sees "compelling data" on a slowdown in inflation.

But overly aggressive monetary tightening means the risk of recession.

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