U.S. CPI Rise in June Biggest since 2005

The U.S. Consumer Price Index (CPI) advanced 1.1 percent in June, the biggest monthly rise since September 2005 in the aftermath of Hurricane Katrina, the U.S. Labor Department said Wednesday.

The Labor Deparment attributed the CPI rise, high above the 0.7 percent increase expected by economists, mainly to the continued surge in gasoline prices.

Energy prices advanced 6.6 percent in June, a 10.1 percent surge in gasoline prices which stood at as high as 4 dollars a gallon.

Energy costs accounted for roughly two-thirds of the overall monthly increase in consumer prices, the department said. 

Source: CRIEnglish