Soaring gas and food prices catapult US inflation to 40-year-high

News of 9.1% year-on-year increase for June virtually guarantees Fed will hike interest by three-quarters of a point this month

US inflation accelerated in June by more than forecast, led by elevated prices for gasoline, food and housing costs and resulting in the largest annual increase in inflation in more than 40 years.

The news virtually guarantees that the Federal Reserve will hike interest rates by another three-quarters of a point this month.