U.S. consumer prices increased 0.6% in June after three months of declines, with a big jump in gasoline prices accounting for over half of the gain.
The Labor Department reported Tuesday that the increase in its consumer price index followed declines of 0.4% in March, 0.8% in April and 0.1% in May as the hit to demand caused by the widespread shutdowns of the economy kept a lid on prices.
Over the past 12 months, consumer prices have increased a modest 0.8% while core inflation is up just 1.2%. “Don't be fooled by today's jump in CPI prices as the longer downturn in the economy from the coronavirus second wave all but guarantees that inflation isn't going anywhere,” said Chris Rupkey, chief financial economist at global financial group MUFG in New York. “Inflation isn't likely to reappear on the radar screens of Federal Reserve officials for years.”
“The immediate threat of deflation is over,” said Gus Faucher, chief economist at PNC Financial Services Group. “Deflation, when prices are falling broadly, can be disastrous for an economy. It can cause consumers and businesses to put off purchases in the hopes of buying at a lower price lager on, exacerbating economic downturns."
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