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U.S. consumer inflation rose to a new four-decade high at an annual rate of 9.1% in June, extending a year and a half stretch of persistently higher prices.
The consumer-price index’s rate of increase last month was the highest since December 1981, the Labor Department said Wednesday. It also eclipsed May’s annual rate of 8.6% that led Federal Reserve officials to shift to a faster pace of benchmark interest-rate increases in its campaign to bring down inflation.
