Ben Bernanke on Wednesday told Congress that inflation was “too high” and bringing it down to an acceptable level was a “top priority” for the Federal Reserve, as data showed that US consumer prices rose 1.1 per cent in June – their highest monthly jump since hurricane Katrina. At the core level, which excludes food and energy, the CPI also disappointed the market, gaining 0.3%, compared with an average expectation of a 0.2% rise. Over the year, the index compiled by the labor department rose by 5 per cent – the most since 1991.

This entry was posted by James Fontanella on Thursday, July 17th, 2008 at 5:28 and is filed under Capital markets. Tagged with ben bernanke. Edit this entry.