The cost of living in the U.S. climbed in June at the fastest pace since last summer. And like then, surging energy costs were mostly responsible.
Consumer prices rose 0.7% in June after a 0.1% increase in May as energy costs jumped 7.4% with prices at the pump up 17.3%.
Despite that, Labor Department Consumer Price Index (CPI) data released Wednesday shows the annual US inflation rate fell 1.4%, marking the biggest decline since Jan. 1950. While gasoline prices peaked in June, the numbers were comparatively small versus the over $4 a gallon prices seen in July 2008. That change largely accounts for the record decline.
The Inflation Calculator is updated with the newest government information, as are the following inflation rate and data pages:
For an in depth look at June consumer prices, read Consumer prices up 0.7% in June, inflation falls 1.4% in year.