With used cars and trucks accounting for more than one-third of the surge in prices reported by the Labor Department on Tuesday, July 13, economists continued to believe that higher inflation was transitory, aligning with Federal Reserve Chair Jerome Powell's long-standing views.
The consumer price index increased 0.9% last month, the largest gain since June 2008, after advancing 0.6% in May. Economists polled by Reuters had forecast the CPI would climb 0.5%. Used cars and trucks prices accelerated 10.5%. That was the biggest jump since January 1953 when the government started tracking the series. Used cars and trucks have been theThey surged a record 45.2% on a year-on-year basis. A global semiconductor shortage has undercut motor vehicle production.
In the 12 months through June, the CPI jumped 5.4%. That was the largest gain since August 2008 and followed a 5% increase in May. Excluding the volatile food and energy components, the CPI accelerated 0.9% after increasing 0.7% in May. The so-called core CPI surged 4.5% on a year-on-year basis, the largest rise since November 1991, after advancing 3.8% in May.
Annual inflation rates have been boosted by the dropping of last spring's weak readings from the CPI calculation. June was likely the peak in these so-called base effects.
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