No slowdown yet in U.S. inflation, as rate rises to 9.1% in June

The U.S. inflation rate defied expectations and rose to a new multi-decade high of 9.1 per cent in the year up to June.

The U.S Bureau of Labour Statistics said Wednesday that the cost of living rose by 1.3 per cent in the month of June alone.

Rising costs for gasoline, shelter and food were the main drivers.

Economists had been expecting the rate to decline slightly from the 40-year high of 8.6 per cent reached the month before, but instead it ticked even higher.

More to come

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