US core CPI edges past forecasts in June

The cost of living in the US increased slightly more quickly than anticipated amid broad gains in prices by categories.

According to the Bureau of Labor Statistics, the headline consumer price index rose at a 0.6% month-on-month pace, pushing the year-on-year rate of growth from 0.1% for May to 0.6% in June.

A 5.1% jump in energy prices was the chief reason behind the rise, while those of food were up by 0.6%.

But it wasn't just about energy and food prices, with apparel 1.7% dearer than in May and the cost of medical care services up by 0.5%.

Hence, the annual rate of increase in core CPI held at 1.2%, which was unchanged from May but higher than the dip to 1.1% that economists had anticipated.