Last Updated: July 13, 2022 at 9:18 a.m. ET First Published: July 13, 2022 at 8:01 a.m. ET
Consumer prices rise 1.3% and core rate up 0.7%
A surge in prices drove the cost of a gallon of gas above $5 nationwide for the very first time in June. In some places prices were even higher, contributing to the worst inflation in almost 41 years. Justin Sullivan/Getty Images
The numbers: Surging gasoline prices last month drove the rate of U.S. inflation to a nearly 41-year peak of 9.1%, offering little hope of help soon for Americans suffering from a high cost of living.
The consumer price index jumped 1.3% last month to mark the third time in the last four months it’s topped 1%. Economists polled by The Wall Street Journal had forecast a 1.1% advance.