Rampant U.S. inflation even hotter than expected, rises 9.1% in June to new 40-year high

The U.S. consumer price index, a broad inflation measure of everyday goods and services, soared 9.1% year-over-year, above even the gloomy 8.8% consensus expectation, marking yet another month of the fastest pace for U.S. inflation in over 40 years.

Jeff Cox for CNBC:

Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared to the 5.7% estimate.
On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%.
Energy prices surged 7.5% on the month and were up 41.6% on a 12-month basis. The food index increased 1%, while shelter costs, which make up about one-third of the CPI rose 0.6% for the month and were up 5.6% annually. This was the sixth straight month that food at home rose at least 1%.
Gasoline prices… increased 11.2% on the month and just shy of 60% for the 12-month period. Electricity costs rose 1.7% [on the month] and 13.7% [YoY].

MacDailyNews Take: For new generations, sometimes tough lessons have to be retaught and learned the hard way.
As we go through this, remember: It’s always darkest before the dawn.
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
In January, Interactive Brokers founder Thomas Peterffy said, “Inflation is 7% — 1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill… [which] comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
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