Economic Buzz: US consumer prices rise 0.3% in June
The report said the consumer price index rose by 0.3 percent in June after inching up by 0.1 percent in May.
The modest increase by consumer prices was partly due to a rebound by energy prices, which jumped by 0.9 percent in June after tumbling by 1.0 percent in May. Prices for gasoline shot up by 1.0 percent.
The annual rate of consumer price growth accelerated to 2.7 percent in June from 2.4 percent in July. Economists had expected the price of growth to rise to 2.6 percent.
The Labor Department also said the core consumer price index, which excludes food and energy prices, edged up by 0.2 percent in June after creeping up by 0.1 percent in May.
The uptick by core consumer prices partly reflected a 0.2 percent increase by shelter costs as well as higher prices for household furnishings and operations, medical care, recreation, apparel and personal care.
Meanwhile, the report said prices for used cars and trucks, new vehicles, and airline fares were among those that decreased in June.
The report said the annual rate of core consumer price growth ticked up to 2.9 percent in June from 2.8 percent in May, in line with economist estimates.
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