Consumer Price Index increased in June 9.1%, compared to previous year

Number marks the biggest yearly increase since December 1981

Updated: July 13, 2022 - 8:39am

The Consumer Price Index increased in June by 9.1%, compared to the same time the previous year, the Labor Department announced Wednesday. 

The number marks the biggest yearly increase since December 1981, according to the Associated Press. 

Financial analysts predicted an 8.8% increase.

The CPI increased 1.3% from May.

The year-over-year increase for May was 8.6%. 

The new, 40-year high in June, is largely attributed to increases in the cost of gas costs, food rent, automobiles and hotel rooms.