Economists had hoped that the annual CPI rate peaked in April.
The US central bank is expected to raise its policy interest rate by an additional half a percentage point in July.“Inflation is now at a 40-year high with little evidence that it has peaked,” said John Doyle, vice president of dealing and trading at Monex USA. The US Dollar Currency Index, which tracks the greenback against six other major currencies, was 0.8% higher at 104.16, its highest since May 17, and within sight of 105.01, the two-decade high touched in mid-May.The dollar was up 0.79% against the Swiss franc at 0.9881 francs after the US Treasury Department on Friday said Switzerland continued to exceed its thresholds for possible currency manipulation under a 2015 US trade law, but refrained from branding it a currency manipulator.