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U.S. inflation reached a new 40-year high in June of 9.1%

Consumer prices soared in June at an annual rate of 9.1%, a new 40-year high driven by

increases in the cost of gas, food and rent, the Labor Department reported Wednesday. The Consumer Price Index rose 1.3% last month, the highest monthly gain since 2005. The 9.1% rise in annual inflation was the biggest increase since 1981. The rise in inflation was steeper than the increase in May, when prices rose at an annual rate of 8.6%.

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