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Data: Bureau of Labor Statistics via FRED

June's jump in consumer prices was the biggest year-over-year increase for any month since 2008 — a surprising 5.4%, with used cars and trucks responsible for one-third of the surge.

Why it matters: The White House was counting on fleeting inflation. Now, it's starting to look like it could last.

Many of the biggest gains were for goods and services we need as we go back into the world: Plane tickets, hotels, restaurants and cars all jumped.

  • Cars — rental and used — are the biggest culprit, accounting for nearly half of the 0.9% increase from May. But there's evidence that car inflation has peaked.

A silver lining: Price jumps in hospitality, including a 0.7% increase for restaurants, are a result of a rise in wages.

What's next: Economists expect inflation will cool off in the second half — especially if car prices start to revert to normality.

Go deeper

Updated Jul 13, 2021 - Economy & Business

Consumer prices shot up 0.9% in June

Illustration: Sarah Grillo/Axios

Prices for goods and services, excluding food and energy, shot up 0.9% in June on a month-over-month basis, according to the Core Consumer Price Index reading published Tuesday morning.

Why it matters: That’s an uptick from May’s monthly change of 0.7%. Economists were expecting an increase of 0.4%.

When wage growth doesn’t buy you more stuff

Photo: Chris Ratcliffe/Bloomberg via Getty Images

Wages are surging as labor shortages give workers leverage to ask for more money. One big company sees this news as an opportunity to jack up prices.

Why it matters: A raise in your pay doesn’t mean much if there’s a commensurate increase in the prices of goods and services — your spending power will be unchanged.

2 hours ago - World

Biden: U.S. combat mission in Iraq will end this year

Biden returning to the White House on July 25. Photo: Samuel Corum/Getty Images

The United States' combat mission against the Islamic State in Iraq will be completed "by the end of the year," President Biden said Monday prior to a meeting with Iraqi Prime Minister Mustafa al-Kadhimi.

Why it matters: Biden is close to shifting the U.S. military mission in Iraq to a fully advisory role more than 18 years after combat troops were sent to the country under the former President George W. Bush.