Consumer prices ticked up slightly in June, driven largely by a spike in the cost of gasoline.
The Consumer Price Index rose 0.3% on a seasonally adjusted basis, according to a news release from the Bureau of Labor Statistics. Over the past 12 months, the all-items index has rise 2.1% with no seasonal adjustment.
The core inflation rate, which is more significant to Federal Reserve policymakers, was just below the 0.2% increase forecast.
The gas index rose 3.3%, accounting for two-thirds of the overall increase. The electricity index also rose, while the indexes for natural gas and fuel declined. The index for food increased but only slightly, decelerating what had been more rapid growth.
The next Consumer Price Index will be released on Aug. 19.