The U.S. consumer price index (CPI) rose by 9.1 percent year on year in June, even higher than predictions by economists, according to the U.S. Bureau of Labor Statistics.

The CPI, a broad measure of everyday goods and services, soared by 9.1 percent from a year ago, marking another month of the fastest pace for inflation in the past 40 years.

Excluding volatile food and energy prices, so-called core CPI increased by 5.9 percent.

On a monthly basis, headline CPI rose by 1.3 percent and core CPI was up 0.7 percent.

Economists polled by Reuters expected the CPI to have accelerated in June by 1.1 percent and 8.8 percent on a monthly and annual basis, respectively.

The market expects the latest hike in CPI to force the U.S. central bank to raise interest rates by another 75 basis points. More central banks around the world will further raise interest rates seeing the persistent inflation in the U.S.