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

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The consumer-price index's reading for June was higher than May's annual rate of 8.6%.

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The Labor Department's Consumer Price Index showed Wednesday by Bloomberg had estimated inflation would rise to 8.8%.

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The report bolsters the Federal Reserve's plans in two weeks to raise its key interest rate.

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The inflation figure and likelihood of a substantial rate hike disappointed already dour investors.

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June’s surge again was led by gasoline prices, which increased 11.2% from the prior month and 59.9% annually.

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In a statement, President Joe Biden called inflation "unacceptably high."

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