U.S. consumer prices continue to surge in June, largest 12-month increase since 2008

Source: Xinhua| 2021-07-13 23:22:10|Editor: huaxia

People dine at a restaurant in Washington, D.C., the United States, July 13, 2021. U.S. consumer prices jumped 0.9 percent in June, recording the largest one-month increase and largest 12-month increase in roughly 13 years, the U.S. Labor Department reported on Tuesday. (Xinhua/Liu Jie)

WASHINGTON, July 13 (Xinhua) -- U.S. consumer prices jumped 0.9 percent in June, recording the largest one-month increase and largest 12-month increase in roughly 13 years, the U.S. Labor Department reported on Tuesday.

Over the last 12 months, the Consumer Price Index (CPI) soared 5.4 percent, the largest 12-month increase since a 5.4-percent increase for the period ending August 2008, according to the report released by the department's Bureau of Labor Statistics.

It was also the largest one-month change since June 2008 when the index rose 1 percent.

The latest data came after a similar surge in May, when consumer prices rose 0.6 percent, with a 12-month increase of 5 percent.

The all items index has been "trending up" every month since January, when the 12-month change was 1.4 percent, the report noted.

In June, the 0.9 percent month-on-month growth in CPI continued to be partially driven by the 10.5-percent surge for the index of used cars and trucks, which accounted for more than a third of the all-items increase.

The food index was up by 0.8 percent in June, up from the 0.4-percent increase reported for May.

The energy index, meanwhile, grew 1.5 percent in June, with the gasoline index rising 2.5 percent over the month, according to the report.

Excluding the volatile food and energy categories, the so-called core CPI rose 0.9 percent in June, up from a 0.7-percent change in May.

"Many of the same indexes continued to increase, including used cars and trucks, new vehicles, airline fares, and apparel," the report said, while noting that the index for medical care and the index for household furnishings and operations were among the few major component indexes which decreased in June.

The report also showed that core CPI surged 4.5 percent over the last 12 months, marking the largest 12-month increase since the period ending November 1991.

The energy index rose 24.5 percent over the last 12 months, and the food index increased 2.4 percent, according to the report.

"We don't see overheating as the most likely outcome," International Monetary Fund Managing Director Kristalina Georgieva said recently. "At the same time, we cannot ignore the risk that a sustained, faster rise in inflation would pose to U.S. and the world economy."

A slower rebound in labor force participation -- due to public health concerns, retirements, incentive effects from unemployment benefits, or delays in reopening schools and childcare -- could create a larger mismatch in the labor market and push wages and prices higher, according to the IMF, noting that supply chain disruptions could prove more persistent. Enditem

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