Business News

Consumer prices jumped 5.4% in the last 12 months

chee gin tan/iStock

(WASHINGTON) — Consumer prices continued to climb last month, newly-released data indicates, as the economy begins to bounce back from the pandemic-induced downturn.

The consumer price index, the Labor Department’s measure of what consumers pay for everyday goods and services, spiked 5.4% over the last 12 months. In June alone, it jumped 0.9%.

This was the largest 1-month change since June 2008, and the largest 12-month increase since August 2008, the Labor Department said Tuesday.

The latest data comes as the pandemic wanes in the U.S., and consumer demand surges while many businesses have reported supply chain bottlenecks and labor issues. Meanwhile, economists and policymakers mull over whether the data reflects a temporary blip or indicates the potential of longer-term inflation.

Copyright © 2021, ABC Audio. All rights reserved.