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U.S. Consumer Price Index Up 1.1 Percent

Posted on: Wednesday, 16 July 2008, 12:00 CDT

A 1.1 percent rise in the Consumer Price Index was higher than expected in June, the U.S. Labor Department reported Wednesday.

The CPI gained 1.1 percent on a seasonally adjusted basis, faster than the consensus forecast of 0.8 percent.

Energy prices pushed the overall figure, jumping 6.6 percent in June after a 4.4 percent increase in May.

Petroleum-based energy prices gained 10 percent, while prices for energy services gained 1.5 percent.

Food prices also rose, up 0.8 percent following a 0.3 percent rise a month ago, the report said.

Food prepared at home rose higher than the overall food index, climbing 1 percent in June with four of the six major grocery store food groups sharply accelerating, the report said.

Core inflation, which excludes food and energy prices, rose 0.3 in June after a 0.2 percent rise in May, indicating that inflation in general still lags behind increased energy costs.

The increase in the energy index accounted for around two-thirds of the overall increase in the all items index in June, the report said.

Source: United Press International

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