Get All Access for $5/mo

Rising Gas Prices Fuel a Jump in U.S. Consumer Costs Gasoline prices in June rose by their highest rate in four months, fueling an overall rise in U.S. consumer prices.

By Entrepreneur Staff

Gasoline prices in June rose by their highest rate in four months, fueling an overall rise in U.S. consumer prices.

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.

Related: Modest Rise in Retail Sales Could Signal Slowdown in U.S. Economy

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.