WASHINGTON (July 12, 2013)—Gasoline prices jumped in June, pushing up wholesale by the largest amount in nine months, but underlying inflation showed only a modest gain, the U.S. Labor Department said Friday.
The Labor Department says wholesale prices rose 0.8 percent in June compared with May when prices rose 0.5 percent.
It was the biggest gain since a 1 percent jump in September and was driven by a 7.2 percent surge in gasoline prices.
Outside of the volatile energy and food sectors, core inflation was up just 0.2 percent in June.
Core prices have risen 1.7 percent over the past 12 months and aside from sharp swings in gas prices, inflation has increased very slowly over the past year, giving the Federal Reserve the room to keep interest rates low to boost the economy.
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