US Inflation Rate at 2.9% in June, Highest in 6 Years
US consumer prices rose in June from a year earlier at the fastest pace in more than s6 years, lifted by more expensive gas, car insurance, and higher rents.
Last Thursday, the US Labor Department said that the CPI (consumer price index) ticked up just 0.1% in June. But inflation jumped 2.9% from a year earlier, the largest annual gainer since February 2012.
Core prices, which exclude the volatile food and energy categories, rose 0.2% in June and 2.3% from a year earlier.
Solid economic growth and supply bottlenecks have pushed inflation past the Fed’s 2% target, after price gains had hung below that mark for 6 years. That is a Key reason that Fed officials expect to raise short-term rates 2X more this year.
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