News Column

Gasoline Costs Drive Consumer Price Increases

July 22, 2014

Martin Crutsinger, The Associated Press

June saw the largest jump in gasoline prices in a year (file photo)
June saw the largest jump in gasoline prices in a year (file photo)

WASHINGTON - U.S. consumer prices rose in June at a slightly slower pace than in May with two-thirds of the June advance driven by the largest jump in gasoline prices in a year.

The Labor Department says prices rose 0.3 per cent in June following a 0.4 per cent rise in May which had been the biggest one-month gain in more than a year.

Energy prices were up 1.6 per cent, nearly double the May gain, reflecting a sharp 3.3 per cent rise in gasoline costs. But food costs edged up just 0.1 per cent, the smallest gain since January.

Core prices, which exclude volatile food and energy, were up just 0.1 per cent. Over the past 12 months, core prices are up 1.9 per cent, an indication of moderate inflation.

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Original headline: US consumer prices up 0.3 per cent in June, reflecting biggest jump in gasoline in 12 months


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Source: © 2014 The Canadian Press. All rights reserved.


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