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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%.

  • Including energy and food prices, the headline CPI figure shows a 0.9% monthly increase, compared to a 0.6% uptick in May
  • On a yearly basis, June prices shot up 5.4%, compared to the 5% change in May.

The big picture: The higher-than-expected reading will rekindle debates about whether inflation is truly temporary.

  • Investors largely believe elevated levels of inflation will be transitory, as the Fed reiterated in its meeting last month.
  • Meanwhile, consumer expectations for inflation over the coming year reached their highest level ever, according to a survey released Monday by the Federal Reserve Bank of New York.

Zoom in: Used car prices continued to account for one-third of monthly CPI growth last month, as they did in May.

  • The category grew 10.5% in June month over month, compared to 7.3% in May and 10% in April. Prices shot up 45.2% year over year.
  • Car and truck rental prices saw a softening in price growth in June, up 5.2% monthly compared to 12.1% in May and 16.2% in April. Yearly, prices were 87.7% higher.
  • By comparison, new vehicle prices grew 2% last month, the largest one-month increase in 40 years.

Signs that the reopening of the economy was well underway last month: Hotel prices, women's dresses and raw beef prices were some of the fastest rising categories.

  • Hotel prices rose 7.9% month over month.
  • Uncooked beef and veal prices rose 6.4%.
  • Women's dress prices rose 5%, up from a 1% increase from April to May. Dress prices also rose higher than the growth in the overall women's apparel category of 1.6% last month.
  • Airline fares rose 2.7%, down from a 7% growth the prior month.

Go deeper

Bryan Walsh, author of Future
Sep 15, 2021 - World

The global food price crisis isn't going away

Data: Food and Agriculture Organization of the United Nations; Chart: Axios Visuals

Global food prices have continued to rise throughout the pandemic, and they're now at close to the highest level they've been in decades.

Why it matters: Beyond the hunger and suffering that comes with costlier food, high prices are driving serious political discontent around the world — and there's little relief in sight.

Ben Geman, author of Generate
Sep 15, 2021 - Energy & Environment

A wrinkle in Europe's climate policy debate

Illustration: Aïda Amer/Axios

Surging European natural gas and power prices are spilling into the debate over European Unions' plans to implement a suite of aggressive climate policies.

Driving the news: "Had we had the Green Deal five years earlier, we would not be in this position because then we would have less dependence on fossil fuels and on natural gas," Frans Timmermans, a top European Commission official on climate, told a European Parliament meeting Tuesday.

Biden's big bet backfires

Two key dealmakers — Sen. Joe Manchin (D-W.Va.) and Sen. Mark Warner (D-Va.) — leave a luncheon in the Capitol yesterday. Photo: Kent Nishimura/L.A. Times via Getty Images

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.