Inflation hits 40-year high: 5 things to know

U.S. inflation in June hit its highest rate in 40 years, the Labor Department said July 13.

Five things to know about the historic inflation rate:

1. The 9.1 percent consumer price index hike surpassed May's concerning 8.6 percent rate that prompted the Federal Reserve to raise interest rates by 0.75 percent, the biggest increase in 28 years.

2. Removing food and energy prices from the equation shows a June inflation increase of 5.9 percent, The Wall Street Journal reported July 13. That's a minor slowdown from the 6 percent increase seen in May.

3. Gas prices increased 11.2 percent from May to June, much more than other categories, the Wall Street Journal report said. In recent weeks, however, gas prices have come down slightly.

4. Consumer expectations for inflation have improved slightly, according to a Federal Reserve Bank of New York survey. 

5. May was the most expensive month to buy a home since 2006, and it could take months before housing prices drop significantly.

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