ARLINGTON, Va.—On a seasonally-adjusted basis, overall consumer prices rose 0.6% in June, the largest rise since August 2012.
The Bureau of Labor Statistics reported that the overall consumer price index (CPI) grew 0.7% over the 12-month period.
“Energy prices drove the rise as gasoline prices rose 12.3% and energy commodities were up 11.7%. Airfares rose 2.6% after months of large declines,” said NAFCU Chief Economist and Vice President of Research Curt Long.
Energy prices rose 5.1% during the month of June, following a 1.8% decline in May. From a year ago, energy prices were down 12.5%. Food growth was up 0.6% in June and rose 4.5% on a year-over-year basis.
"Partial openings in some states have helped reverse disinflationary pressures, although it appears spiking virus cases will mark a return to closures, depressing the energy index once again," added Long. “Demand-side impacts to prices still dominate, and both inflation and interest rates should remain extremely low well into 2021.”
Core prices (excluding food and energy costs) rose 0.2% in June. Year-over-year core CPI growth was 1.2%.