The U.S. Department of Labor reported the inflation numbers for June yesterday. Before seasonal adjustments, the Consumer Price Index for All Urban Consumers (CPI-U) rose 1.01% in June over May and was 5.02% higher than June 2007. Core CPI (CPI less food and energy) before seasonal adjustments was up by 0.17% compared to May and up 2.41% compared to a year ago. Seasonally adjusted, CPI-U rose 1.06% over May versus expectations of 0.7% and core CPI rose 0.32% instead of 0.2% expected by economists.
The surge in CPI-U was due to energy prices. Energy increased 6.6% in June over May. So far the rises in food and energy have not translated to surges in core CPI.
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