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second half of the year, this, along with solid gains in housing, should support growth in the second half of 2013," said John Ryding, chief economist at RDQ Economics in New York.

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Tepid growth has kept a lid on inflation pressures, but some pockets of pricing power are starting to emerge.

The Labour Department said on Tuesday its Consumer Price Index increased 0.5 per cent, the largest gain since February, after nudging up 0.1 per cent in May.

Consumer prices picked up in June and underlying inflation pressures showed signs of stabilising, keeping on course expectations the Federal Reserve will start reducing its bond purchases later this year.

A 6.3 per cent surge in gasoline prices accounted for about two thirds of the increase.

Prices for new motor vehicles, apparel and household furnishings also rose.

While inflation remains benign, the increase last month should help ease worries among some Fed officials that price pressures in the economy were too low.

Although both inflation measures remain below the Federal Reserve's 2 per cent target, the report showed signs of fading disinflation pressures, with medical care costs increasing after being subdued for the past two months.

While the year on year core CPI rate could slip further in coming months, it should reverse course as economic growth accelerates over the last half of the year, economists said.

Another report on Tuesday showed confidence among single family home builders soared to a 7 1/2 year high in July, amid expectations of stronger sales and buyer traffic.

US financial markets were little moved by the data as investors awaited testimony Bernanke is set to deliver to Congress on the economy on Wednesday.

Medical care services rose 0.4 per cent, the largest increase in a year. Medical care, which makes up about 10 per cent of the core CPI, had been subdued in April and May. The cost of medical care Fendi Evening Handbags commodities rebounded 0.5 per cent, reversing the prior month's decline, as the price of prescription drugs increased.

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"We think the impact of these transitions has started to fade away and we expect that drug price inflation may start to pick up over the months ahead," said Ryan Wang, a US economist at HSBC in New York.

That optimism about the economy's prospects was bolstered by a separate report from the Fed showing output at the nation's factories, mines and utilities rose 0.3 per cent in June after a flat reading in May.

"Inflation is carving out a bottom. Fendi Bags With Flowers

In the 12 months through June, the CPI advanced 1.8 per cent, an acceleration from the 1.4 per cent logged in the period through May and the largest increase since February.

Stripping out energy and food, consumer prices increased 0.2 per cent for a second straight month.

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"The lack of further slowing in core inflation on a monthly basis in the last two months helps keep Fed tapering on track," said Jim O'Sullivan, chief US economist at High Frequency Economics in Valhalla, New York.

this year start cutting back the $85 billion in bonds it is purchasing each month to keep borrowing costs low. Economists expect the Fed to begin reducing the amount in September.

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´╗┐Inflation shows signs of stability after downward drift

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They expect a drop in unemployment to boost wage growth.

Last month, owners' equivalent rent, which accounts for about a third of the core CPI, increased 0.2 per cent after a similar gain in May. Apparel prices recorded their largest increase in nearly two years, while new motor vehicle prices rose after being flat in May.

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Tame medical care costs have been one of the key contributors to the low inflation rate over the past months.

We are likely to see inflation tick up slightly in the second half of this year," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "The modest acceleration is welcome news for the Fed."

Economists cite a host of reasons for the lack of pressure on health care costs, ranging from the expiration of patents on several popular prescription drugs to government spending cuts that have cut payments to doctors and hospitals for Medicare.

Consumer prices picked up in June and underlying inflation pressures showed signs of stabilising, keeping on course expectations the Federal Reserve will start reducing its bond purchases later this year.

That took the increase over the past 12 months to 1.6 per cent, the smallest rise since June 2011. The core CPI had gained 1.7 per cent in May.

The signs of stabilisation offered by the monthly core measure fit in with Fed Chairman Ben Bernanke's assessment that a downward drift in the inflation rate was temporary.

BETTER GROWTH PROSPECTS

Bernanke said last month the central bank would likely later Fendi Monster Purse Price

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"If manufacturing growth is on the verge of accelerating into the Fendi Monster Bag Blue

The increase reflected a 0.3 per cent rise in manufacturing output. Economists said it suggested some pickup in economic activity at the end of the second quarter. Growth in the April June period is forecast at an annual pace of between 0.5 per cent and 1.0 per cent, far below the first quarter's 1.8 per cent rate.

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