The U.S. Labor Department released consumer price inflation data on Friday. The U.S. consumer price inflation rose 0.3% in June, in line with expectations, after a 0.4% gain in May.

The increase was partly driven by higher gasoline prices, which climbed 3.4% in June.

On a yearly basis, the U.S. consumer price index increased to 0.1% in June from 0.0% in May, in line with expectations.

The U.S. consumer price inflation excluding food and energy gained 0.2% in June, in line with expectations, after a 0.1% rise in May.

On a yearly basis, the U.S. consumer price index excluding food and energy rose to 1.8% in June from 1.7% in May, in line with expectations.

Food prices increased 0.3% in June, the largest rise since September 2014.

Increasing inflation could support the Fed's decision to start raising interest rates this year.