Inflation at the highest rate in almost 41 years, people worried about inflation

Inflation at the highest rate in almost 41 years, people worried about inflation

Inflation jumped again in June on a persistent climb in gas, food and rent costs, notching another 40-year high and 

likely solidifying the Federal Reserve’s plans for another big rate hike this month. Prices increased 9.1% from a year earlier

up from an annual rate of 8.6% the prior month and the largest gain since November 1981,the Labor Department's 

Consumer Price Index showed Wednesday. Economists surveyed by Bloomberg had estimated inflation would rise to 8.8%. 

On a monthly basis, consumer prices increased 1.3%, the largest such leap since 2005, compared with a 1% rise in May. 

"Ouch," Ian Shepherdson, chief economist of Pantheon Macroeconomics, wrote in a research note of the latest surge in prices. 

Amid signs that inflation is poised to gradually ease, he, along with other 

economists, noted June likely marked its peak, though a similar pronouncement in the spring proved premature.