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US consumer prices increase as petrol price rises

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US consumer prices increase as petrol price rises

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US consumer prices have risen in June as the price of petrol increased.

Washington’s Labor Department announced on Tuesday that its Consumer Price Index jumped just under a third of one percent in June. Over the past 12 months it has risen 2.1%.

Inflation has been increasing as the US economy recovers.

The steady rise in prices has led economists to predict that the Fed’s core inflation gauge that excludes food and energy, currently below the 2 percent target, will be passed by the end of the year as an acceleration in job growth increases wages.