In June, the consumer price index rose by 5.4% year over year, the largest increase since 2008. However, Federal Reserve Chairman Jerome Powell maintains the higher rate was due to transitory factors such as depressed economic activity in certain sectors last year.
Examining the major categories, energy led the way with a 24.5% increase. Stripping out food and energy, the core CPI rose by 4.5%. Other commodities, which include items such as new and used vehicles, and airline fares, increased by 8.7%.