Last month, U.S. inflation roared to a new four-decade high, likely strengthening the Federal Reserve’s resolve to aggressively raise interest rates and risk up-ending the economic expansion.

The consumer price index (CPI) rose 9.1 percent from a year earlier in a broad-based advance—the largest gain since the end of 1981, Labor Department data showed Wednesday. The widely followed inflation gauge increased 1.3 percent from a month earlier, the most since 2005, reflecting higher gasoline, shelter, and food costs.

Economists projected a 1.1 percent rise from May and an 8.8 percent year-over-year increase, based on the Bloomberg survey medians. This was the fourth-straight month that the headline annual figure topped estimates.

Dig Deeper


Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including and

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2022 ALM Global, LLC. All Rights Reserved.