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News Summary: Consumer prices up 0.5 percent

Updated at: 07/16/2013 12:05 PM
By The Associated Press

CONSUMER INFLATION: Consumer prices rose 0.5 percent in June compared with May, the biggest jump since February. However, two-thirds of the increase represented a surge in gas prices.

CORE INFLATION: Excluding volatile energy and food, consumer prices rose a modest 0.2 percent in June and are up just 1.6 percent over the past year, the smallest 12-month change in two years.

OUTLOOK: Consumer inflation has been tame this year. That gives the Federal Reserve room to continue efforts to stimulate the economy with low interest rates.

(Copyright 2013 by The Associated Press. All Rights Reserved.)