Nationwide consumer prices jumped in June, driven by high gasoline, transportation and food prices, the U.S. Bureau of Labor Statistics reported Wednesday. In the Chicago-Gary-Kenosha area however, inflation rose more modestly.

The Consumer Price Index, a key measure of inflation, shot up 1.1 percent on a seasonally adjusted basis from May to June. This was the second-largest national monthly increase in percentage terms in 26 years. The reading was substantially higher than Bloomberg LP's economists' estimate of 0.7 percent.