June CPI Jumps 1.1%; Increase Is Biggest in 26 Years

Consumer prices jumped 1.1% in June, the biggest monthly increase in 26 years, the Labor Department said Wednesday.

The increase in the June consumer price index, the government’s main gauge of inflation, was well above economists’ forecasts of a 0.7% rise, Bloomberg reported.

The so-called core CPI excluding food and energy rose 0.3%, also more than expected.

Prices have risen 5% in the 12 months through June, led by energy costs, while core prices have risen 2.4% in that time.

The CPI is the government’s broadest gauge of costs for goods and services. Almost 60% of the CPI covers prices consumers pay for services.

If consumer prices are climbing, it could reflect an increase in demand for consumer goods, which increases the demand for trucking services.