US Inflation hits record 9.1%
Inflation hits 9.1%
Source: Investing.com --
Consumer inflation in the U.S. leaped to a new four-decade high of 9.1% in June, exceeding analysts' forecasts and piling further pressure on the Federal Reserve to bring it down with faster interest rate rises.
The Bureau of Labor Statistics said prices rose 1.3% on the month alone, which was itself the biggest monthly gain since 2005. That was due largely to big increases in prices for food, gasoline, and shelter.
What usually follows will be an interest rate hike - aimed to bring down inflation by discouraging spending and encouraging savings. It is important to note the forecast/market outlook given by the companies in this new earnings season (where quarterly earnings) will be shared over the coming weeks for Q2/2022 performance. The market can plunge if mismanaged. Thus, let us remain cautious as we await for Fed to announce the interest rate at the end of the month.
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