US inflation reached a new 40-year high in June of 9.1%
The consumer-price index's reading for June was higher than May's annual rate of 8.6%.
The Labor Department's Consumer Price Index showed Wednesday by Bloomberg had estimated inflation would rise to 8.8%.
The report bolsters the Federal Reserve's plans in two weeks to raise its key interest rate.
The inflation figure and likelihood of a substantial rate hike disappointed already dour investors.
June’s surge again was led by gasoline prices, which increased 11.2% from the prior month and 59.9% annually.
In a statement, President Joe Biden called inflation "unacceptably high."