Since April 1980, the overall yearly growth in energy prices is at its highest level. Gasoline prices increased by 11.2 per cent last month and a startling 59.9 per cent over the previous year, accounting for half of the monthly rise.
As per Government data released on Wednesday (July 13), in June, the United States saw a new peak of 9.1 per cent inflation. This faster-than-expected increase in the consumer price index (CPI) was driven by significant increases in gasoline prices, reports AFP. The US Labor Department has reported that this 9.1 per cent CPI spike over the past 12 months to June was the fastest increase in 40 years, the last such increase was witnessed in November 1981.
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