Today, preliminary official data showed that the consumer price index (the main determinant of inflation) in the US accelerated in June to 9.1% year on year after rising 8.6% in May. Inflation in June last year was the fastest since November 1981 and far exceeded analysts’ expectations, rising 8.8%.

“The (CPI) increase is broad-based, with the largest contributors being the gasoline, housing and food indices,” the U.S. Bureau of Labor Statistics said in a statement. The new data showed that the energy price index rose 41.6% in the past 12 months, the biggest increase since April 1980.

The food index rose 10.4% year on year, the biggest 12-month rise since the period ending February 1981. Over the past 12 months, core inflation, excluding highly volatile energy and food prices, stood at 5.9%, beating analysts’ expectations. 5.7% more.