U.S.core consumer prices rise 0.3 percent in July

The Labor Department announced on Tuesday the U.S. consumer price index (CPI) rose 0.3 percent m-o-m in July, following a 0.1 percent m-o-m uptick in the previous month.

Over the last 12 months, the CPI rose 1.8 percent y-o-y last month, following a 1.6 percent m-o-m advance in the 12 months through June.

Economists had forecast the CPI to increase 0.3 percent m-o-m and 1.7 percent y-o-y in the 12-month period.

According to the report, gains in the indexes for gasoline and shelter were the major factors in the seasonally adjusted all items monthly increase. The index for food was unchanged for the second month in a row, as a drop in the food at home index was offset by an advance in the food away from home index.

Meanwhile, the core CPI excluding volatile food and fuel costs increased 0.3 percent m-o-m in July, the same pace as in the previous month.

In the 12 months through July, the core CPI rose 2.2 percent after a 2.1 percent increase for the 12 months ending June. It was the largest increase since January.

Economists had forecast the core CPI to rise 0.2 percent m-o-m and 2.1 percent y-o-y last month.