The consumer price index is expected to rise a sharp 1.1% in June, according to economists polled by The Wall Street Journal. Such an increase would push the rate of inflation over the past year to a nearly 41-year high of 8.8%.
The core rate of inflation that omits food and energy is forecast to climb a slower 0.5%. The 12-month increase could also wind down to 5.7% from 6% in May. The CPI report will be released at 8:30 a.m. Eastern by the Bureau of Labor Statistics.