US inflation reached a new 40-year high in June of 9.1%

WASHINGTON (AP) — Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.

Consumer prices soared 9.1% compared with a year earlier, the government said Wednesday, the biggest 12-month increase since 1981, and up from an 8.6% jump in May.

On a monthly basis, prices rose 1.3% from May to June, another substantial increase, after prices had jumped 1% from April to May.