Inflation jumps to 9.1%, highest in four decades
Inflation accelerated to an explosive 9.1% for the 12 months ending in June, according to the consumer price index, the highest level in four decades.
The much-anticipated numbers reported by the Bureau of Labor Statistics on Wednesday revealed that inflation is still soaring, despite the Federal Reserve's interest rate hikes, and is near the worst it has been since the Great Inflation that helped bring President Ronald Reagan to office.
The soaring inflation has eaten into President Joe Biden’s approval ratings as the midterm elections approach. Consumer prices have been rising fast since last August, especially for...