Consumer prices jump nearly 1% in June

The Consumer Price Index for All Urban Consumers increased 0.9%in June on a seasonally adjusted basis after rising 0.6% in May, the U.S. Bureau of Labor Statistics reported.

The jump was the largest 1-month change since June 2008 when the index rose 1%. Over the last 12 months, the all-items index increased 5.4% before seasonal adjustment; this was the largest 12-month increase since a 5.4% increase for the period ending August 2008, according to the report.

Prices for used cars and trucks rose 10.5% in June, accounting for one-third of the all-items increase, the report said.

The food index increased 0.8% in June, a larger increase than the 0.4% increase reported for May. The report said the energy index increased 1.5% in June, with the gasoline index rising 2.5% over the month.

Food rising

The BLS said The food index increased 0.8% in June, as did the food at home index; both indexes rose 0.4% in May. As in May, the food at home increase was mostly due to the index for meats, poultry, fish, and eggs, which increased 2.5% over the month, according to the report. The beef index rose 4.5% in June, it largest 1-month increase since June 2020. 

The index for fruits and vegetables rose 0.7% in June after being unchanged in the preceding month., according to the report. 

The food away from home index rose 0.7% in June following a 0.6% increase in May. The index for full-service meals rose 0.8%, its largest monthly increase since last June. The index for limited-service meals increased 0.6% in June.  

The food at home index increased 0.9% over the past 12 months. All six major grocery store food group indexes increased, but the index for fruits and vegetables was the only one to rise more than 0.8%; increasing 3.2%. 

The index for food away from home rose 4.2% over the last year, the largest 12-month increase in that index since the period ending in May 2009.