US inflation is growing at its fastest rate since 1991

The consumer price index in the US in July accelerated its growth to 1% in annual terms. The June indicator was fixed at around 0.6%. Analysts had forecast growth to 0.8%.

The underlying CPI, excluding food and fuel prices, rose 0.6% on a monthly basis, the strongest growth since January 1991. In annual terms, the underlying CPI accelerated growth from 1.2% to 1.6%, which was a four-month high. Experts had expected the rate to slow down to 1.1%.

The rise in inflation was triggered by an increase in the prices of clothing and cars. Clothes went up by 1.1%, used cars – by 1.7%. New cars increased in price by 0.8%, the largest increase in 9 years.