Around Oregon, Business & economy

US inflation hits 40-year high, but Biden points to decreasing gas prices

WASHINGTON — U.S. inflation reached a 40-year high for June as prices for gas, food and rent increased, according to the latest Consumer Price Index.

Consumer prices for all items increased 9.1% for the 12 months ending in June compared to last year, the biggest year-to-year increase since the period ending in November 1981. May consumer prices were up 8.6%.

“While almost all major component indexes increased over the month, the largest . . .