Inflation in the US, as measured by the Consumer Price Index (CPI), jumped to 5.4% on a yearly basis in June from 5% in May, the data published by the US Bureau of Labor Statistics revealed on Tuesday. This reading came in higher than the market expectation of 4.9%.
Further details of the report revealed that the annual Core CPI, which excludes volatile food and energy prices, rose to 4.5% from 3.8%, surpassing analysts' estimate of 4%.
With the initial market reaction, the greenback started to gather strength against its rivals and the US Dollar Index was last seen gaining 0.42% on a daily basis at 92.61.
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