Prices paid by U.S. consumers surged in June by the most since 2008, topping all forecasts and showing higher costs associated with the economy’s reopening continue to fuel inflationary pressures.
The consumer price index jumped 0.9% in June and 5.4% from the same month last year, according to Labor Department data released Tuesday. Excluding the volatile food and energy components, the so-called core CPI also rose 0.9%. The core increased 4.5% from June 2020, the largest advance November 1991.
Used vehicles accounted for one third of the gain in the CPI last month, the agency said. The outsize increase in the June CPI was also driven in large part by the pricing rebound in categories associated with a broader reopening of the economy including hotel stays, car rentals, apparel and airfares.