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Fresh US Inflation Peak to Keep Fed on Aggressive Rate Path

  • June CPI seen rising 8.8% from year ago, 1.1% on monthly basis
  • Acceleration probably reflected higher prices at gas pump
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Inflation continued to heat up in June, hitting a fresh pandemic peak that keeps the Federal Reserve geared for another big interest-rate hike later this month, economists project.

The consumer price index probably increased 8.8% from a year earlier, marking the largest jump since 1981, according to the median forecast in a Bloomberg survey. Compared to May, the widely followed gauge is seen climbing 1.1%, marking the third month in the last four that inflation has advanced at least 1%.