Gas Helps Push Consumer Prices Up 0.5% For June
The Consumer Price Index increased a seasonally adjusted 0.5% for June, according to a Labor Department report (link opens a PDF) released today.
After natural gas prices helped push prices up 0.1% in May, analysts had expected a slightly smaller 0.4% gain.
Source: Labor Department
Like in May, most of this month's gains originated from energy, but this time, gasoline fueled the increase. The gasoline index jumped a seasonally adjusted 6.3% for June, accounting for around two-thirds of the total change in consumer prices.
Overall energy prices pushed up 3.4%, while food made a more modest 0.2% gain. Excluding these two volatile categories, the Consumer Price Index edged up 0.2%, matching analyst expectations.
Over the last year, the Index has edged up 1.8%, driven largely by an 11.7% jump in natural gas prices. Used cars and trucks have fared the worst, with prices down 2.3%.
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