Consumer Prices Up 2.9 Percent Annually

The Consumer Price Index rose 0.2 percent in July on a seasonally adjusted basis, according to U.S. Bureau of Labor Statistics. This followed a 0.1 percent June increase. Over the last 12 months, the all-items index rose 2.9 percent.

Prices for all items less food and energy, the “core CPI,” grew 0.2 percent in July, following a 0.2 percent June increase. The index rose 2.4 percent for the 12 months ending in July, the largest increase since September 2008.

The food index rose 0.1 percent in July. Prices for both food at home grew 0.2 percent while food away from home grew 0.1 percent. Over the past 12 months, food prices are up 1.4 percent.

The energy index declined 0.5 percent in July after a 0.3 percent decrease in June. Gasoline prices decreased, falling 0.6 percent. The energy index rose 12.1 percent in the last twelve months.

Read the BLS release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
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