China News Service, July 13 (Xinhua) According to a comprehensive report, the US Department of Labor announced on the 13th local time that the US consumer price index (CPI) in June rose by 1.3% month-on-month and 9.1% year-on-year.
The year-on-year increase in the CPI was higher than the previous market expectation of 8.8%, which was the highest record in 40 years.
On March 6, local time, the vehicle passed a gas station in San Mateo County, California.
Photo by China News Agency reporter Liu Guanguan
The data reflected increases in gasoline, housing and food prices.
Rising inflation data once again showed that price pressures are widespread in the United States and will continue to undermine purchasing power and consumer confidence.
That will add pressure to U.S. President Joe Biden and Democrats, whose approval ratings have slumped ahead of the midterm elections.
The market generally believes that the latest CPI index will strengthen expectations for another 75 basis points of interest rate hikes by the Federal Reserve at its meeting at the end of July, a measure aimed at tackling inflation by slowing economic growth and cutting demand.
At the same time, these moves will increase the risk of a recession in the U.S. economy.