US inflation reaches new high in four decades at 9.1%

US consumer inflation climbed to 9.1% in June, a pace that has not been seen for more than four decades, adding pressure on the Federal Reserve to act more aggressively to curb rapid price increases across the economy.

The consumer price index’s progress for the 12 months ended in June was the fastest pace since November 1981, the Ministry of Labor said on Wednesday. A large jump in petrol prices drove much of the increase, while the prices of shelter and food were also major contributors.