US: Inflation hits 40-year high of 9.1%

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US inflation hits 40-year high of 9.1%

Inflation reached 9.1% in June year on year, against 8.6% the previous month, according to the consumer price index (CPI ) released Wednesday.

An explosion in the cost of gas, food and housing has catapulted inflation to its highest peak in 40 years in the States States in June, which almost guarantees that the US Federal Reserve will announce another hike in its key interest rate.

The consumer price index jumped by 9, 1% vs. last year, the US government announced on Wednesday.

This is the biggest 12-month increase since 1981, and even bigger than the 8.6% increase reported in May .

On a monthly basis, prices rose 1.3% from May to June, compared to 1% from April to May.

Some analysts, however, believe inflation may be on the verge of plateauing, if it hasn't already. For example, they point to the recent decline in the cost of gasoline, transportation and basic commodities.

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