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

“The Labor Department said Thursday that the consumer price index ticked up just 0.1 percent in June” writes The Associated Press for But inflation jumped 2.9 percent from a year earlier, the largest annual gain since February 2012.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.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.

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