(CBS News) — Inflation hit a fresh 40-year record in June, with consumer prices increasing 9.1% over the last 12 months, the Labor Department said Wednesday.
It’s the fastest increase in prices since November 1981, and above what economists had expected. The increases were broad-based: Rent, new and used vehicles, car insurance, and medical care all rose in June, the government report said.READ MORE: Trump says he took the Fifth in questioning in New York Attorney General fraud investigation
Core inflation, which strips out volatile food and energy prices, rose 5.9% over the last 12 months, slowing its pace from May.READ MORE: Gabby Petito's Family Seeks $50 Million From Utah Police Department For Inadequate Response To Brian Laundrie's Abuse
“Price pressures have broadened to virtually every major line item within the inflation categories,” Gargi Chaudhuri, Head of iShares Investment Strategy Americas at BlackRock, said in a research note. “Core inflation is still high, but the drastic difference between headline and core shows how much the recent move in prices has been driven by food and energy price volatility resulting from supply shortages,” Chaudhuri added.MORE NEWS: The FDA Authorizes Change In How Monkeypox Vaccine Is Given