Consumer prices rose 0.7 percent in May, the largest increase since 2005, according to the U.S. Department of Labor.
The increase was fueled, as it were, by rising gasoline prices, the department said. Core prices, which exclude food and fuel, rose 0.1 percent in May. Core prices increased 0.2 percent in April.
The department said consumer prices were up 2.7 percent over May of 2006, and core prices increased 2.2 percent for the same period.
Gasoline prices spiked 11 percent in May, the department said. Overall, energy prices increased 5.4 percent in May after a 2.4 percent increase in April, the department reported.
