The most recent data from the Bureau of Labor Statistics, released on Thursday morning, indicates that consumer prices experienced a swifter year-over-year upswing in July compared to the previous month’s annual surge.

In July, the Consumer Price Index (CPI) saw a 3.2% rise from the prior year, displaying a slight uptick from June’s 3% yearly growth, Yahoo Finance reported.

Prices climbed 0.2% in July compared to the previous month, aligning with the 0.2% month-over-month increase noted in June.

Both of these metrics closely matched the predictions of economists, as per Bloomberg’s data.

When looking at the “core” aspect, which excludes the more volatile expenses related to food and gasoline, prices escalated by 0.2% in July compared to the preceding month, and they advanced by 4.7% over the past year—roughly in line with the figures observed in June.

The annual growth in the core index marked the smallest increase since October 2021.

Written by staff