Inflation surges to 9.1% in June

(Washington, DC) -- The price of everything is going up and it's happening faster.

Inflation surged to nine-point-one percent in June. That's a full half-percent higher than May's eight-point-six percent rise and the highest since November, 1981.

Energy costs shot up more than 41-percent and food prices jumped ten-point-four percent. That's the biggest 12-month bump in food prices in more than 40 years.

Core inflation, which excludes food and energy, was up five-point-nine percent last month, slightly below six-percent in May.

Stock futures dropped like a rock after the inflation numbers came out.  Dow futures were down one-percent, S&P 500 futures were off one-and-a-half percent, and Nasdaq futures were down more than two-percent.