Washington| Inflation in the US rose at twice the pace forecast by economists, while one of the key measures watched by the Federal Reserve hit its highest level since 1982, placing further pressure on the central bank to keep aggressively lifting interest rates.

In what is the last inflation reading before the country’s midterm elections, President Joe Biden was quick to douse concerns that inflation, driven by the highest jump in monthly services inflation since 1992, was here to stay.

Bloomberg