US prices rising at fastest rate for 40 years

Prices in the US are rising at their fastest rate for more than 40 years due to petrol and food costs remaining high, latest figures show, reports citing BBC.

Inflation, the rate at which prices rise, hit 9.1% in the 12 months to June and increased by 1.3% from just from May alone, the Labor Department said.

US petrol prices hit record highs in June, averaging above $5 per gallon.

It has led to predictions that the US central bank will hike interest rates further later this month.

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