The annual Consumer Price Index increased by 5.4% compared to one year prior, gaining another 0.4% compared to May. The data sees the largest increase in 13 years which was above what both economists and investors were expecting. A third of the increase was provided by the index for used cars and trucks which continued to increase at breakneck speed posting 10.5% price gains for the year following a global semiconductor shortage hitting the new car market. Although this price pressure is likely to fade, as are the initial inflationary effects of the economy reopening, the continuing price jumps dial up the pressure on the Federal Reserve who remain staunch believers that inflation will prove transitory. US futures turned lower on the news, as investors fear interest rate hikes may come sooner than expected, but the major indices were flat at the market open.