Consumer prices up 0.4 percent in May, reflecting big jump in gas, but core inflation modest
{{#rendered}} {{/rendered}}In this June 8, 2015, photo, Judith Jean-Noel shops for earrings at the Monday night green market in downtown Miami. The Labor Department reports on consumer prices for May on Thursday, June 18, 2015. (AP Photo/J Pat Carter) (The Associated Press)
Consumer prices increased in May by the largest amount in more than two years, reflecting the biggest one-month jump in gas prices in nearly six years. But outside of energy, price pressures remained modest.
The Labor Department says its consumer price index rose 0.4 percent in May, the biggest advance since February 2013. The increase was driven by a 10.4 percent rise in the cost of gasoline, which has started climbing after nearly a year of falling energy prices.
Core inflation, which excludes volatile food and energy, was up a modest 0.1 percent in May as the price of clothing and household furnishings declined. Over the past 12 months, overall inflation has shown no increase, while core inflation is up just 1.7 percent, both showing modest inflation pressures.