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Spiking cost of gasoline pushes June consumer prices up 0.6%

Spiking cost of gasoline pushes June consumer prices up 0.6% Photo: WDIO, File

MARTIN CRUTSINGER AP Economics Writer
Created: July 14, 2020 10:35 AM

WASHINGTON (AP) - U.S. consumer prices increased 0.6% in June, after three months of declines, with a big jump in gasoline prices accounting for over half of the gain.

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The Labor Department reported Tuesday that ithe increase in ts consumer price index followed declines of 0.4% in March, 0.8% in April and 0.1% in May as the hit to demand caused by the widespread shutdowns of the economy kept a lid on prices.

The June report showed that energy prices jumped 5.1% with gasoline costs surging 12.3%. However, even with that gain gasoline pump prices are 23.4% below where they were a year ago.

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MARTIN CRUTSINGER AP Economics Writer

Copyright 2020 The Associated Press. All rights reserved.

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