Rising Gas Prices Fuel a Jump in U.S. Consumer Costs
The Labor Department said Tuesday the Consumer Price Index rose 0.5 percent, which was the largest increase since February. The CPI had risen just 0.1 percent in May.
Blame prices at the pump. Gasoline prices accounted for about two-thirds of the increase in the CPI and also jumped at the highest rate since February.
The overall rise in CPI was well ahead of what economists predicted.
Still, the jump isn't stoking fears of inflation yet. In the 12-month period through the end of last month, consumer prices are up 1.8 percent. A month earlier, the overall rise was 1.4 percent. Both are still under the Federal Reserve's target of 2 percent.
In addition to gasoline, prices rose in health care, new car sales, clothing and furniture.
Entrepreneur Editors' Picks
Crypto Doesn't Have to Be Serious. Just Ask This Comedian Who Organized a Conference About Failure in the Industry.
Want to Succeed? Turn Your Fixed Mindset Into a Growth Mindset.
Google's CEO Is Asking Employees 3 Simple Questions to Boost Productivity
'Greatest Storyteller Wins.' Katy Perry on the Surprising Link Between Pop Stardom and Entrepreneurship.
The 5 Personalities You Meet in a Coworking Space
'Man's Best Friend' — and Investment: The Thriving Industry of Pet-Related Franchising