U.S. inflation climbs to new 41-year high of 9.1%, CPI shows, as gas prices surge

Economic Report

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.


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