Rising Gas Prices Push Consumer Price Index Higher Than Expected

The consumer price index (CPI) saw its largest increase in five months due to rising gas prices, though underlying inflation still remains low, according to a Reuters report. Gas Prices Account For Two Thirds Of Increases The Labor Department announced that the CPI had increased by 0.5 percent in June, following a 0.1 percent rise in May. Gas prices alone account for two-thirds of the increase, going up 6.3 percent from just last month. However the core CPI, which ignores food and energy prices, was up just 0.2 percent, partially due to the increasing cost of medical care. Other categories…