Economics
U.S. Consumer Prices Jump Most Since 2008, Topping All Estimates
- Monthly increase of 0.9% in CPI was the largest since 2008
- New and used vehicle prices advance by the most on record
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Prices paid by U.S. consumers surged in June by the most since 2008, topping all forecasts and testing the Federal Reserve’s commitment to sticking with ultra-easy monetary support for the economy.
The consumer price index jumped 0.9% in June and 5.4% from the same month last year, according to Labor Department data released Tuesday. Excluding the volatile food and energy components, the so-called core CPI rose 4.5% from June 2020, the largest advance since November 1991.