Washington: On July 13, it emerged that U.S. consumer prices surged 9.1%, the largest annual increase in more than four decades. The larger-than-expected increase in the year-on-year consumer price index (CPI) reported by the Labor Department on Wednesday also reflected higher prices for healthcare, motor vehicles, apparel as well as household furniture. The CPI increased by the most in nearly 17 years on a monthly basis.

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