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Milk is displayed at a grocery store in Philadelphia, Tuesday, July 12, 2022. On Wednesday, July 13, 2022, the Labor Department will report on U.S. consumer prices for June. (AP Photo/Matt Rourke)

US inflation surges to new 40-year record high

The data is in and it’s now confirmed that US inflation has reached a new 40-year record high. On Wednesday, the Labor Department released the Consumer Price Index (CPI) report for June, showing it increased 9.1 percent from a year ago. The CPI measures a range of prices from gas, groceries, cars and furniture to name a few.