Energy Costs Accelerate Consumer Prices to Second-Fastest Growth Rate in 26 Years (Adam Kress)

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Dollar in The Toilet

Soaring energy prices pushed consumer costs up in June at the second-fastest rate in 26 years.

The U.S. Labor Department reported Wednesday that consumer prices jumped 1.1 percent last month. Energy prices shot up nearly 7 percent, reflecting big increases for gasoline, home heating oil and natural gas.

The 1.1 percent June increase was the second largest monthly advance in the past 26 years, surpassed only by a 1.3 percent gain in September 2005 from a jolt to energy costs after Hurricane Katrina.

Over the past 12 months, consumer inflation is up by 5 percent, the largest year-over-year gain since May 1991.