Tuesday, June 17, 2014

Consumer Prices Rose 0.4% in May

Inflation continued to rise in May with the consumer price index growing 0.4%. The gain is the strongest since last June. The increase was broad-based, with shelter, electricity, food, airline fares and gasoline among those that contributed. The increase from year-ago levels grew to 2.1%, the largest 12-month increase since October 2012.

Core prices grew 0.3%, the highest growth rate since January 2013. Goods prices grew 0.1%, consistent with the previous month. Services continued to grow at 0.3%. Food prices grew 0.5%, the fourth consecutive month of strong gains. Energy prices posted the highest gains, growing 0.9% month-over-month and 3.4% year-over-year.

The future outlook remains positive, as inflation nears the Federal Reserve’s target of of 2.0%.

Read the BLS report.

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