Economy

Inflation climbs higher than expected

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Inflation surged in June at its fastest pace in nearly 13 years amid a burst in used vehicle costs and price increases in food and energy, the Labor Department reported Tuesday.

The consumer price index increased 5.4% from a year earlier, the largest jump since August 2008, just before the worst of the financial crisis. Economists surveyed by Dow Jones had been expecting a 5% gain.

Stripping out volatile food and energy prices, the core CPI rose 4.5%, the sharpest move for that measure since September 1991 and well above the estimate of 3.8%.

On a monthly basis, headline and core prices rose 0.9% against 0.5% estimates.

Stock market futures fell following the report, while government bond…



Source cnbc.com

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