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Consumer prices rose 2.9% year-over-year in June, making for their largest annual gain since February 2012.
Gas prices rose 0.5% month-over-month, and are up 24.3% over the past year.
The Fed is expected to hike rates two more times this year.

(AP) — Consumer prices rose in June from a year earlier at the fastest pace in more than six years, lifted by more expensive gas, car insurance, and higher rent.

The Labor Department said Thursday that the consumer price index ticked up just 0.1 percent in June. But inflation jumped 2.9 percent from a year earlier, the largest annual gain since February 2012. Core prices, which exclude the volatile food and energy categories, rose 0.2 percent in June and 2.3 percent from a year earlier.See the rest of the story at Business Insider

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