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With inflation jumping to a 40-year high, is the worst behind us?

Senior economic analyst Mark Hamrick from Bankrate says the end may be in sight for the record-setting inflation the country has been experiencing.

BUFFALO, N.Y. — The June consumer price index was released Wednesday morning, and the numbers weren't great. 

The CPI rose 1.3% from May to June which is 9.1% higher than it was this time last year. 

That 9.1% jump year to year is the highest since 1981, back when "Superman II" was topping the box office and the Kim Carnes hit "Bette Davis Eyes" was ruling the radio airwaves. 

"Inflation is something that affects us all, and it is gone from full boil to boiling over," said Mark Hamrick, senior economic analyst at Bankrate.

"We look at the chief contributors for inflation, fuel prices, gasoline at the top of that list, food prices and shelter, where we live rents, home prices, mortgage payments," Hamrick said. "Taken together, those three major irritants for inflation are all things that we all have to contend with in one way or the other."

While gas prices have fallen for the last two weeks, the increases in June heavily contributed to the jump in inflation. 

"Most of us have some experience with paying for gasoline. But even if we aren't paying for gasoline, in a sense we are, because the goods that are brought to market and that are transported, whether by airplane, by train, or by truck, while all those things need some kind of fuel," Hamrick said. "The high cost of energy and the fact that it's been on the rise is something that has filtered on through the rest of the economy."

As for when the price madness will end, Hamrick says we may have hit peak inflation. 

"Barring the truly unforeseen, the worst, I think, is either at hand or nearly behind us," Hamrick said. 

But even if the worst is over, don't expect prices at your favorite retail shop or gas station to plummet overnight. 

"We're still going to have to contend with some high prices for some time to come, I would that continues between now and the end of the year," Hamrick said. 

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