US consumer prices continued to climb even higher in June to a 13-year high with the cost of gas skyrocketing 45 percent and everyday items like bacon, milk and oranges increasing 8 percent.
The consumer price index has risen 5.4 percent in the 12 months through June, the Labor Department said on Tuesday – extending a run of higher inflation and fueling concerns the rapidly rebounding economy under the Biden administration is making goods and services increasingly expensive.
June’s CPI gain was the largest since August 2008 and followed a 5 percent increase in the 12 months through May. The CPI increased 0.9 percent last month after advancing 0.6 percent in May.
Excluding the volatile food and energy components, the so-called core CPI surged 4.5 percent on a year-on-year basis, the largest increase since November 1991, after rising 3.8 percent in May.