Jul 22, 2014 8:57 AM by Chelsea DeCesare
WASHINGTON (AP) - U.S. consumer prices rose in June at a slightly slower pace than in May with two-thirds of the June advance driven by the largest jump in gasoline prices in a year.
The Labor Department says prices rose 0.3 percent in June following a 0.4 percent rise in May which had been the biggest one-month gain in more than a year.
Energy prices were up 1.6 percent, nearly double the May gain, reflecting a sharp 3.3 percent rise in gasoline costs. But food costs edged up just 0.1 percent, the smallest gain since January.
Core prices, which exclude volatile food and energy, were up just 0.1 percent. Over the past 12 months, core prices are up 1.9 percent, an indication of moderate inflation.