US Consumer Prices Rise by the Most Since 2008

Prices for U.S. consumers jumped in June by the most in 13 years, extending a run of higher inflation and fueling concerns that the rapidly rebounding economy is making goods and services increasingly expensive.

Tuesday’s report from the Labor Department showed that consumer prices in June rose 0.9% from May and 5.4% over the past year — the sharpest 12-month inflation spike since August 2008. Excluding volatile oil and gas prices, so-called core inflation rose 4.5% in the past year, the largest increase since November 1991.

The pickup in inflation,...

Prices rose 5.4 percent in June compared with one year ago, reflecting upward surge in inflation throughout the economy, as more consumers open their wallets and supply chains struggle to bounce back from pandemic pressures.

Data released by the Bureau of Labor Statistics on Tuesday showed that prices rose 0.9 percent in the past month, a hike after prices also rose 0.6 percent in May. The price hike in June marked the largest 1-month spike since June 2008.

Still, policymakers at the Federal Reserve and White House continue to predict that as the economy...