Concerns that consumers could begin to expect higher inflation to last longer spur a more aggressive rate-rise path
Another big increase in consumer prices last month keeps the Federal Reserve on track to raise its benchmark interest rate by 0.75 percentage point at its meeting later this month.
The consumer-price index rose 9.1% in June from a year earlier, the Labor Department said Wednesday, a 41-year high. The 8.6% rise in the CPI in May added to signs last month that the inflation outlook was worsening and prompted the Fed to accelerate its rate increases at its June meeting.
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