Consumer Prices Rose 0.2 Percent in May

(CN) — Consumer prices rose 0.2 percent in May, with surging gasoline costs driving much of the increase, the Labor Department said Tuesday.

The government's latest report on prices also suggests that inflation rose in May at its fastest annual pace since February 2012.

Year over year, in may the consumer price index rose 2.8 percent. But core prices -- a measure that excludes the more volatile energy and food categories -- rose by a more modest 2.2 percent.

Gasoline prices climbed 1.7 percent in May, jumping 21.8 percent from a year ago. Other travel related costs, including auto repair and the price of flying for business or leisure, rose 3.8 percent.

The cost of housing was also up in May, having risen 3.5 percent over the past 12 months.

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