U.S. Inflation Hits New Four-Decade High of 9.1%

U.S. inflation reached 9.1% in June, its highest rate in nearly 41 years, the Labor Department said.

The consumer-price index’s pace for June eclipsed May’s annual rate of 8.6% that led Federal Reserve officials to shift to a faster pace of benchmark interest-rate increases, according to meeting minutes released last week.

Core prices, a measure that strips out volatile food and energy components, increased by 5.9% in June from a year ago, a slightly slower pace than May’s 6%, the Labor Department said Wednesday. On a month-to month basis, core prices...