U.S. consumer prices increased 0.6% in June, after three months of declines, with a big jump in gasoline prices accounting for over half of the gain.
The Labor Department reported Tuesday that ithe increase in ts consumer price index followed declines of 0.4% in March, 0.8% in April and 0.1% in May as the hit to demand caused by the widespread shutdowns of the economy kept a lid on prices.
The June report showed that energy prices jumped 5.1% with gasoline costs surging 12.3%. However, even with that gain gasoline pump prices are 23.4% below where they were a year ago.
FILE - In this Nov. 27, 2019, file photo people shop for food the day before the Thanksgiving holiday at a Walmart Supercenter in Las Vegas. U.S. consumer prices increased slightly last month, driven higher by more expensive food. The Labor Department said Wednesday, March 11, 2020, that the consumer price index ticked up 0.1% last month, matching its January increase. (AP PhotoJohn Locher, File)
Core inflation, which exlcudes food and energy, rose a more modest 0.2% in June.
FILE - In this Sept. 17, 2019, file photo, a gas pump reflecting current prices is seen in Orlando, Fla. On Thursday, Feb. 13, 2020, the Labor Department releases Consumer Price Index for January. (AP PhotoJohn Raoux, File)