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FILE- In this June 14, 2018, file photo gasoline prices are displayed on a pump at Sheetz along the Interstate 85 and 40 corridor near Burlington, N.C. On Thursday, July 12, the Labor Department reports on U.S. consumer prices for June. (AP Photo/Gerry Broome, File)

US inflation reaches 2.9 percent in June, highest in 6 years

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By CHRISTOPHER RUGABER , AP Economics Writer

WASHINGTON (AP) — Consumer prices rose in June from a year earlier at the fastest pace in more than six years, lifted by more expensive gas, car insurance, and higher rent.

Consumer Prices
FILE- In this June 13, 2018, file photo, Bob Harris carefully selects which tomatoes to buy at Paducah, Kentucky's Downtown Farmers' Market. On Thursday, July 12, the Labor Department reports on U.S. consumer prices for June. (Ellen O'Nan/The Paducah Sun via AP, File)

The Labor Department said Thursday that the consumer price index ticked up just 0.1 percent in June. But inflation jumped 2.9 percent from a year earlier, the largest annual gain since February 2012. Core prices, which exclude the volatile food and energy categories, rose 0.2 percent in June and 2.3 percent from a year earlier.

Solid economic growth and supply bottlenecks have pushed inflation past the Federal Reserve's 2 percent target, after price gains had languished below that level for six years. That is a key reason that Fed officials expect to raise short-term rates twice more this year.

Consumer Prices
FILE- This June 14, 2018, file photo shows signage and gas prices for regular and diesel at Flying J along Interstate 85 and 40 near Graham, N.C. On Thursday, July 12, the Labor Department reports on U.S. consumer prices for June. (AP Photo/Gerry Broome, File)

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