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- U.S. consumer prices increase about as expected in July
U.S. consumer prices increase about as expected in July
The
Labor Department announced on Wednesday the U.S. consumer price index (CPI) rose
0.5 percent m-o-m in July, following an unrevised 0.9 percent m-o-m gain in the
previous month.
This was the smallest one-month increase in headline CPI since February.
Over the last 12 months, the CPI climbed 5.4 percent y-o-y, unchanged from +5.4 percent y-o-y reported for the period ending in June.
Economists
had forecast the CPI to increase 0.5 percent m-o-m and 5.3 percent y-o-y in the
12-month period.
According
to the report, the indexes for shelter (+0.4 percent m-o-m), food (+0.7 percent
m-o-m), energy (+1.6 percent m-o-m), and new vehicles (+1.7 percent m-o-m) all rose
in July and contributed to the monthly all items seasonally adjusted advance.
Meanwhile,
the core CPI excluding volatile food and fuel costs rose 0.3 percent m-o-m in July
after an unrevised 0.9 percent m-o-m jump in the previous month.
In the 12 months through July, the core CPI surged 4.3 percent compared to an unrevised 4.5 percent advance for the 12 months ending June.
Economists
had forecast the core CPI to rise 0.4 percent m-o-m and 4.3 percent y-o-y last
month.
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