Inflation rate in June increased 0.3%, compared to previous month, Labor Department

The Consumer Price Index increased 0.3% in June, compared to the previous month, the Labor Department reported Tuesday. 

Consumer prices rose 2.7% in June compared to 12 months earlier, the department's Bureau of Labor Statistics also reported. 

The numbers were in line with Wall Street expectations. 

The annualized rate, which was 2.4% in May, is the highest since February. 

The increase from May to June was 0.1%, according to the BLS report.