Inflation in the US, as measured by the Consumer Price Index (CPI), jumped to its highest level in four decades at 9.1% on a yearly basis in June from 8.6% in May, the data published by the US Bureau of Labor Statistics showed on Wednesday. This print came in higher than the market expectation of 8.8%.

The Core CPI, which excludes volatile food and energy prices, edged lower to 5.9% in the same period from 6% but still surpassed analysts' forecast of 5.8%.

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Market reaction

The US Dollar Index regained its traction after hot inflation data and was last seen posting small daily gains at 108.35.