US inflation reached a new 40-year high in June of 9.1%

Gas prices are displayed at a filling station in Philadelphia, Tuesday, July 12, 2022. On Wednesday, July 13, 2022, the Labor Department will report on U.S. consumer prices for June. (AP Photo/Matt Rourke)

Surging prices for fuel, food and rent catapulted US inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.

Consumer prices soared 9.1% compared with a year earlier, the US government said on Wednesday, the biggest yearly increase since 1981, and up from an 8.6% jump in May.