US consumer prices surge in June by the most since 2008

WASHINGTON (AP) — Prices for U.S. consumers jumped in June by the most in 13 years, signaling that a swift rebound in spending has run up against widespread supply shortages that have escalated the costs of many goods and services. Tuesday’s report from the Labor Department showed that consumer prices in June rose 0.9% from May and 5.4% over the past year — the sharpest 12-month inflation spike since August 2008. Excluding volatile oil and gas prices, so-called core inflation rose 4.5% in the past year, the largest increase since November 1991.