US Inflation Rate Unexpectedly Rises to 3.2%
Inflation reached 9.1% in June, its highest rate in nearly 41 years
The year-over-year change in the so-called core Personal Consumption Expenditures index, which excludes volatile food and energy prices, clocked in at 2.8% for the month of June. The Consumer Price Index, a broad-based measure of inflation, was 2.9% higher in June than it was a year earlier, driven by falling gasoline prices. Inflation reached 9.1% in June, its highest rate in nearly 41 years, the Labor Department said. The headline inflation is now well below its 1981-peak of 9.1% in June 2022 but remains above the Fed's target of 2%. Canada's inflation rate fell to 2.8% in June, its lowest level in more than two years, Statistics Canada said, with a sharp decline in the price of gasoline compared to this time last year.
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