WASHINGTON (AP) — 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.
Core inflation, which exlcudes food and energy, rose a more modest 0.2% in June.