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July 23, 2014 – The overall consumer price index grew 2.1 percent in June, fueled by strong growth in energy prices of 1.6 percent, according to a NAFCU Macro Data Flash.

NAFCU Research Assistant Doug Christman analyzed data from the Bureau of Labor Statistics and found that CPI and core CPI growth moved closer to a historically normal pace recently, but still remained below the Federal Reserve's stated inflation target. Core CPI decelerated to 0.1 percent in June, but continued to increase by 1.9 percent on a year-over-year basis.

"The rise in total CPI was primarily the result of an increase in gasoline prices," Christman noted. He reported that energy prices had their second month of strong growth, after rising 0.9 percent in May. Energy prices were also up 3.1 percent compared to a year ago.

Overall consumer prices increased by 0.3 percent in June, and core prices – excluding food and energy costs – went up 0.1 percent month over month.