The White House has said it expects inflation “very highin June in the United States, a few hours before the publication of the consumer price index (CPI), which had already reached a 40-year high in May. “We expect last month’s inflation figures to be very high, mainly because gasoline prices climbed so high in JuneWhite House spokeswoman Karine Jean-Pierre said on Wednesday aboard the Air Force One presidential plane.
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Inflation had reached a four-decade high in May, at 8.6% over one year and 1.0% over one month, according to figures from the Labor Department. The market expects an increase of 8.8% over one year and 1.1% over one month for June. A large increase could prompt the US central bank (Federal Reserve, Fed) to raise its key rates further after having already raised them by three-quarters of a percentage point in June, its largest increase since 1994.
According to the United States Energy Agency (EIA), the average price of gasoline in the United States last month exceeded 5 dollars per gallon (about 3.8 liters), unheard of in the country.
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