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US inflation surges again in June, raising risks for economy

A person pays with cash at a halal food truck, Wednesday, July 13, 2022 in New York. Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow. Consumer prices soared 9.1% compared with a year earlier, the government said Wednesday, July 13, 2022, the biggest 12-month increase since 1981, and up from an 8.6% jump in May.. (AP Photo/Julia Nikhinson)