Consumer Price Index Increases 0.7%

The consumer price index gained 0.7% in June, the biggest jump since July 2008, the Labor Department said Wednesday.

The so-called core CPI, which excludes food and energy, rose 0.2%.

The index, which is the government’s main gauge of inflation, rose slightly more than economists’ forecasts of a 0.6% increase, Bloomberg reported.

In the 12 months ended in June, prices fell 1.4%, the biggest drop since January 1950, Bloomberg said.

The CPI is the government’s broadest gauge of costs for goods and services. Almost 60% of the CPI covers prices consumers pay for services.

If consumer prices are climbing, it could reflect an increase in demand for consumer goods, which increases the demand for trucking services.