Consumer Prices Shot up 0.9% in June, Rate of Inflation Remains at 13-Year High

The U.S. Bureau of Labor and Statistics reported Tuesday that prices for goods and services, excluding food and energy, shot up 0.9% in June on a month-over-month basis.

"Why it matters," reported Axios. "That’s an uptick from May’s monthly change of 0.7%. Economists were expecting an increase of 0.4%.

"The higher-than-expected reading will rekindle debates about whether inflation is truly temporary," Axios continued. "Investors largely believe elevated levels of inflation will be transitory, as the Fed reiterated in its meeting last month."

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Breaking Down Numbers

Including energy and food prices, the headline Core Consumer Price Index figure shows a 0.9% monthly increase, compared to a 0.6% uptick in May. 

On a yearly basis, June prices were shot up to 5.4%, compared to the 5% change in May.

Prices are 4.5% higher compared to last year, the highest annual increase in nearly 30 years. That's also a pickup from the 3.8% year-over-year figure reported a month ago.

Consumer expectations for inflation over the coming year reached their highest level ever, according to a survey released Monday by the Federal Reserve Bank of New York.

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