The rate of consumer inflation continued to rise, reaching 8.1% year over year in June, following a 7.7% gain in May. The increase was the largest yearly change since January 1983. The acceleration in June was mainly due to higher prices for gasoline, however, price increases remained broad-based with seven of eight major components rising by 3% or more.
Excluding gasoline, the CPI rose 6.5% year over year in June, following a 6.3% increase in May.
On a monthly basis, the CPI rose 0.7% in June, following a 1.4% increase in May. On a seasonally adjusted monthly basis, the CPI was up 0.6%.
On average, prices rose faster than hourly wages, which increased 5.2% in the 12 months to June, based on data from the Labour Force Survey.
Chart – 12-month change in the Consumer Price Index (CPI) and CPI excluding gasoline
Chosen excerpts by Job Market Monitor. Read the whole story @ The Daily — Consumer Price Index, June 2022
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