Inflation soared in June to the fastest rate since November 1981

The rate of inflation has not been this high in over 30 years.

According to new data published by the Bureau of Labor Statistics on Wednesday, the consumer price index increased 9.1% in the year through June.

The year-over-year rate was 8.8% through June, which is better than the economists predicted. The year-over-year rate in May was 8.6%.

The index rose in June.

Excluding volatile energy and food prices, core inflation rose 5.9% through June, just under the 6.0% one-year rate seen in May. The one-year core inflation rate was expected to be 5.6% by the economists.

Food prices increased in June with a year-over-year rate of 10.4%. The year-over-year increase in energy prices was 41.6%.

After hitting a record national average of $5 per gallon, the price of gas has fallen quickly. Energy prices should improve next month. CoreCPI, which is used by economists to see what inflation will look like in the future, has been slightly moderating.

Energy contributed to the new high. Energy made up nearly half of the increase. The energy prices climbed in June. The gas rose per unadjusted figures.

A year-over-year rate of 5.6% was recorded in June, after a year-over-year rate of 5.3% in May. Home prices and rents won't go down soon.

Ben Winck reported that inflation may have peaked despite higher prices. As a result of this, common goods and services will not become cheaper.