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Jun 17, 2014 8:47 AM by Chelsea DeCesare

US consumer prices rise 0.4 percent in May

WASHINGTON (AP) - U.S. consumer prices increased in May by the largest amount in more than a year as the cost of food and gasoline showed big gains and airline fares jumped by the largest amount in 15 years.

The Labor Department says its consumer price index rose 0.4 percent in May, the biggest one-month jump since a 0.6 percent increase in February 2013.

Over the past 12 months, consumer prices are up 2.1 percent. While that was the biggest 12-month price change since October 2012, it still left prices rising at a modest pace near the Federal Reserve's 2 percent target.

Excluding volatile food and energy, core inflation was up 0.3 percent in May, the biggest one-month gain since August 2011. Over the past 12 months, core prices are up 2 percent.

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