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- U.S. consumer prices edge up 0.1 percent in July
U.S. consumer prices edge up 0.1 percent in July
The Labor
Department announced on Thursday the U.S. consumer price index (CPI) edged up
0.1 percent m-o-m in August, following a 0.3 percent m-o-m increase in the
previous month.
Over the last
12 months, the CPI rose 1.7 percent y-o-y last month, following a 1.8 percent
m-o-m advance in the 12 months through July.
Economists had
forecast the CPI to increase 0.1 percent m-o-m and 1.8 percent y-o-y in the
12-month period.
According to
the report, gains in the indexes for shelter (+0.2 percent m-o-m) and medical
care (+0.9 percent m-o-m) were the major factors in the seasonally adjusted
all-items monthly increase, outweighing a drop in the energy index (-1.9 percent
m-o-m). The food index was unchanged for the third month in a row.
Meanwhile, the
core CPI excluding volatile food and fuel costs increased 0.3 percent m-o-m in August,
the same pace as in the previous month.
In the 12
months through August, the core CPI rose 2.4 percent after a 2.2 percent increase
for the 12 months ending July. It was the largest increase since July 2018.
Economists had
forecast the core CPI to rise 0.2 percent m-o-m and 2.3 percent y-o-y last
month.
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