US consumer price inflation rose at its fastest rate since November 2007 as oil and energy costs continue to soar.

The US Labor Department said prices increased by 0.6% in May, a higher increase than forecast.

John Mauldin examines the causes of inflation in in Outside the Box…

There is a 95% chance that the US economy will enter a recession, according to a report in BusinessWeek magazine.

Jennifer Yousfi in Money Morning gives some background and examines strategies for recession proof investing:

U.S. Federal Reserve policymakers cut the benchmark interest rate by less-than-expected three-quarters of a percentage point at their last meeting, a move that was designed to energize a badly flagging economy without causing inflation to spike or exacerbating the greenback’s decline.