Consumer prices heated up in July, bucking a 12-month cooling streak
For the first time in more than 12 months, consumer prices heated up on an annual basis.
The Consumer Price Index rose 3.2% for the year through July, up from Juneβs 3% annual increase, according to data released Thursday by the Bureau of Labor Statistics.
Persistently high inflation β specifically grocery, gas and rent prices β continues to weigh on consumers, and Julyβs report exemplifies the lengthy and bumpy process to bring it back to Earth. Prices rose 0.2% on a monthly basis, largely driven by shelter costs.
Core CPI, which excludes the more volatile food and energy prices, increased 4.7% for the 12 months ending in July, cooling from the 4.8% increase seen in June. On a monthly basis, core prices increased 0.2%.