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Inflation soared in June to the fastest rate since November 1981

FREDERIC J. BROWN/AFP/Getty Images

  • The Consumer Price Index climbed 9.1% year-over-year through June, data out Wednesday showed.
  • It shows inflation at the highest rate since November 1981.
  • Economists surveyed by Bloomberg expected the year-over-year rate to be 8.8%.

Inflation just hit its highest rate since November 1981.

The Consumer Price Index climbed 9.1% in the year through June, according to new data published by the Bureau of Labor Statistics on Wednesday.

That beats what economists surveyed by Bloomberg expected to see — a year-over-year rate of 8.8% through June. June’s rate also surpasses the 8.6% year-over-year rate seen in May.

The index rose 1.3% over the month in just June, according to seasonally adjusted numbers.

Core inflation — which excludes volatile energy and food prices — climbed 5.9% year-over-year through June, just under the 6.0% one-year rate seen in May. Economists surveyed by Bloomberg expected to see the one-year core inflation rate at 5.7%. 

Wednesday’s report showed food prices also increasing through the year, with a year-over-year rate of 10.4% in June. Energy prices also soared from the same time a year ago, with a year-over-year rate of 41.6%.

Despite higher prices than a year ago, inflation may have actually peaked, according to reporting from Insider’s Ben Winck on disinflation. However, Winck notes common goods and services aren’t suddenly going to become cheaper as a result of this.

This story is breaking, check back for updates.

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