The US consumer price index increased 0.9% last month, the the largest one-month gain since June 2008, after advancing 0.6% in May. Over the last 12 months, prices were up 5.4%, the biggest jump in annual inflation in nearly 13 years. The Fed’s preferred inflation measure, the core personal consumption expenditures price index, jumped 3.4% in May, the largest gain since April 1992.
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