The USA inflation recorded as the highest in 41 years

Consumer prices in the USA continued their upward movement and came above analysts' forecasts.

According to the statement made by the US Department of Labor, consumer prices increased by 1.3 percent in June compared to the previous month. The market expectation was that the increase would be 1.1 percent.

The annual increase in consumer prices was 9.1 percent. Analysts had predicted that the annual increase would increase from 8.6 percent to 8.8 percent. Thus, consumer prices were at the highest level since November 1981.

Consumer prices excluding food and energy, which are considered core prices, increased by 0.7 percent compared to the previous month and increased by 5.9 percent annually. Analysts had expected 0.5 percent and 5.7 percent increases, respectively.

Energy prices in the country increased by 7.5 percent monthly and 41.6 percent annually, while food prices increased by 1.0 percent monthly and 10.4 percent annually.

Average weekly earnings were down 1 percent.

Initial market reaction to US inflation exceeding expectations
The Fed is expected to raise 75 basis points on July 27. Markets see the probability of a 75 basis point rate hike by the Fed in September as 80 percent.

The first reaction of the markets to the inflation exceeding the expectations is as follows:

The US 10-year interest rate exceeded 3%.

The U.S. futures stock fell nearly 1%.

The dollar index moved to the level of 109.

Euro/Dollar tested the bottom of 1.

Dollar/TL maintained their levels of 17.45 and Euro/TL 17.50.

Brent Oil was at $ 98.6 and spot gold was at $ 1,715.