Inflation ran hot last month. It might be about to look cooler, though perhaps not cool enough.
The Labor Department on Wednesday reported that consumer prices rose a seasonally adjusted 1.3% in June from a month earlier, putting them 9.1% higher than a year earlier. That marked the highest pace of inflation since November 1981. A lot of the gain was driven by the jump in gasoline prices: Core prices, which exclude food and energy items in an effort to better track inflation’s trend, were up 5.9% from a year earlier. That was down a touch from May’s 6%, and from March’s multidecade high of 6.5%, but is still way too warm for anyone’s comfort.