Gasoline Prices Push CPI Higher in June

Washington, DC, July 16, 2008--Significant increases in gasoline prices helped push the consumer price index higher by 1.1 percent in June, the biggest increase in nearly three years ago, according to the Labor Department.

The unexpectedly large increase in CPI was fueled by a 6.6 percent jump in energy prices and a 0.8 percent increase in food prices.
 
Excluding food and energy inputs, the core rate of inflation at the retail level rose 0.3 percent, the biggest increase since January.

Economists had expected growth of 0.8 percent in the CPI and 0.2 percent in the core CPI.

Real weekly earnings fell 0.9 percent last month and are down 2.4 percent in the past year.