FX.co ★ US inflation hits 40-year high

US inflation is at record levels amid soaring fuel and food prices. In June, the annual inflation rate in the country accelerated to 9.1%, the highest since November 1981, from 8.6% in May and above market forecasts of 8.8%. Amid surging consumer prices, the US Federal Reserve may announce one more significant rate increase at the next meeting. Experts see inflation slowing down in August as natural gas prices are edging lower.

In a June poll, 40% of adult Americans said that they thought tackling inflation should be a top government priority this year, up from just 14% who said so in December. Earlier, US President Joseph Biden started calling persistent inflation and rising fuel prices “Putin's price hike,” blaming it on the Ukrainian crisis.