(Bloomberg) -- Prices paid by U.S. consumers increased in June by more than expected as higher commodity and labor costs associated with the economy’s reopening continued to fuel inflationary pressures.
The consumer price index jumped 0.9% in June and 5.4% from the same month last year, according to Labor Department data released Tuesday. Excluding the volatile food and energy components, the so-called core CPI also rose 0.9%, and increased 4.5% from June 2020.
Used vehicles accounted for one third of the gain in the CPI last month, the agency said.
The median forecasts in a Bloomberg survey of economists called for a 0.5% gain in the overall CPI from the prior month and a 4.9% year-over-year increase.