The Bureau of Labor Statistics on Tuesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.3% in June compared with last month, while it was up 2.7% on an annual basis. Both marked accelerations from last month, when the monthly increase was 0.1% and the annual figure was 2.4%.
So-called core prices, which exclude more volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% from the prior month and 2.9% from a year ago. As with the headline number, the core numbers ticked higher compared with May, when inflation rose 0.1% on a monthly basis and 2.8% on an annual basis.
Food prices rose 0.3% in June from the prior month and were 3% higher on an annual basis. The food at home index rose 0.3% in June from a month ago and is up 2.4% on an annual basis, while the food away from home index increased 0.4% on a monthly basis and is 3.8% higher than a year ago.
Housing prices rose by 0.2% in June and was the primary factor in driving the overall CPI increase. Over the last year, the shelter index increased 3.8%.
Transportation costs rose 0.2% on a monthly basis and are 3.4% higher than a year ago. Airline fares declined 0.1% for the month and are down 3.5% compared with a year ago, while motor vehicle insurance rose 0.1% on a monthly basis and is 6.1% higher than last year.