US inflation surpasses expectations in largest uptick since 2008

12-month rate of 5.4% beats market expectation of 4.9%.

US inflation came in higher than expected in June as the Bureau of Labor Statistics reported the largest one-month and 12-month increases since 2008.

The Consumer Price Index for All Urban Consumers rose by 0.9% in June, up from 0.6% in the previous month, while the 12-month rate was at 5.4%, beating a market expectation of 4.9%. US inflation reaches 13-year high of 2.6% As used car and food prices continue to rise, the one-month rate is at its highest since the index rose by 1% in June 2008. The 12-month rate matched the 5.4% recorded in August 2008. The increase puts further pressure on expectations, encouraged by the Federal Reserve, that inflationary pressure is transitory rather than structural. "Whilst the Fed have ...