Sunday, June 22, 2014

Consumer Prices in May showed the Sharpest increase in 15 Months

Consumer prices last month posted their sharpest increase in 15 months as inflation continued a recent acceleration from unusually low levels. 
The consumer price index jumped 0.4% after rising 0.3% in April, the Labor Department said Tuesday. Economists had expected a 0.2% increase. 
Over the past 12 months, prices have increased 2.1%. 
Core inflation, which excludes the volatile food and energy categories, was up 0.3% last month the most since August 2011.
The rise in prices was broad-based, with food, energy, housing, apparel and other costs among those increasing. Food costs jumped 0.5%, the largest increase since August 2011, as meat, poultry fish and eggs rose 1.4% and fruits and vegetables rose 1.1%. Those categories have been rising for months, in part because of a drought in California, historically thin cattle herds and a virus in the pork population. 
Energy costs also surged, with gasoline prices rising 0.7% and electricity costs increasing 2.3%.
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