WASHINGTON, D.C. (NBC) – The Labor Department says that the Consumer Price Index climbed higher than expected last month, hitting its highest point in more than 30 years.
The Consumer Price Index, which is a collection of products ranging from gas to healthcare, to groceries and rent, rose 0.9% last month compared to a 0.6% estimated increase. That’s a 6.2% increase over the last year.
Much of that increase was caused by rising fuel costs. Fuel oil prices jumped more than 12% last month, part of a 59% bump over the last year.
Used car prices are up more than 26% and food costs have jumped more than 5% in the last 12 months according to Wednesday’s report.
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