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The consumer price index, the nation's key inflation measure, jumped 0.9% in June alone, the largest one-month increase in 13 years. Over the last 12 months overall prices are up 5.4%, also the biggest jump in 13 years.
Much of the rise is due to gasoline prices, which are far above levels of last summer when the pandemic caused sharp drop in driving and the price of oil. Gas prices rose 45.1% compared to a year earlier. But even stripping out volatile food and energy prices, the core CPI rose 0.9% in June and 4.5% over the last 12 months.
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