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US consumer inflation keeps 6-year record in June

AFP  |  Washington 

Rising prices for food, gasoline, shelter and medical kept the annual measure of US consumer at a six-year high in June, the reported today.

The upward pressure on prices in the world's largest was apparent even excluding the volatile categories of and fuel, suggesting the underlying trend could be sustained in the coming months.

The price gains come as redoubles his trade wars with major US trading partners, which economists say could soon fuel price increases.

Washing machines, for instance, saw a record price surge following the tariffs Trump imposed in January, growing by 2.8 per cent -- the largest since the started tracking them in December 1977.

A monthly dip in and weighed on the Index for June, which rose 0.1 per cent compared to May, a tenth of a point slower than economists expected.

The modest raise came despite a 0.5 per cent jump in the index for

For the last 12 months the CPI, which tracks prices for household goods and services, was 2.9 per cent higher, the same as in May which was the highest rate since February 2012.

Excluding and fuel, however, the "core" index rose 0.2 per cent for June, matching analysts' expectations on higher costs for medical care, autos and recreation. Costs for clothing, air fares and furniture fell.

But core rose 2.3 per cent compared to June of last year, its largest gain since January 2017.

The Federal Reserve will keep a close eye on the rising price pressures. The central is expected to raise benchmark lending rates twice more this year, anticipating that years of steady growth and falling unemployment will at long last drive higher.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 22:40 IST
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