Stock Market Today: Scorching CPI Sends Stocks on Roller-Coaster Ride
by Karee Venema
Jul 13, 2022
2 minutes
Another red-hot reading on inflation sparked a volatile session for stocks on Wednesday. Specifically, data released from the Labor Department this morning showed the consumer price index (CPI) jumped 1.3% month-over-month in June. On an annualized basis, consumer prices were up 9.1% – outpacing May's 8.6% spike and marking the fastest year-over-year (YoY) rise since November 1981.
Higher prices were seen across all items the index tracks, though food (+10.4% YoY) and energy (+41.6%) saw the biggest increases. Excluding those two segments, core CPI was up 5.9% annually,
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