Inflation reached 9.1% over one year, against 8.6% last month.
The rise in consumer prices accelerated further in June in the United States, and is now at its highest since November 1981, a new blow for the American president who has been trying for several months to curb inflation.
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Inflation reached 9.1% in June year on year, against 8.6% the previous month, according to the consumer price index (CPI) published on Wednesday by the Labor Department. Over one month, the rise in prices amounted to 1.3%, against 1.0% in May.
A reduced budget deficit of $1.7 trillion
The U.S. budget deficit shrank 77% in the first nine months of fiscal year 2022 on higher tax revenue and lower pandemic-related spending. The deficit fell by 1.723 billion dollars from October to June, compared to the same period last year, to reach 515 billion dollars, details Wednesday the Treasury Department in a press release.
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Government spending fell by 18%. Those of the Department of Labor in particular fell, by 87%, with the drop in the amount of unemployment benefits paid after the Covid-19 pandemic and the end of certain aid, which had been put in place in the face of the crisis. At the same time, revenues increased by 26%, driven by the increase in taxes paid by individuals and businesses.
As soaring inflation prompted the US central bank to raise its key rates, leading to a sharp increase in borrowing costs, interest costs on public debt jumped 24%.
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