Inflation slowed to 8.5% in July

The Consumer Price Index was unchanged in July on a seasonally adjusted basis after rising 1.3% in June, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 8.5%.

Prices for all items less food and energy, the “core CPI,” rose 0.3% in July, after increasing 0.7% in June.

The food index increased 1.1% in July, after rising 1.0% in June. The index for food at home rose 1.3% over the month, after rising 1.0% in June. In July, the increase was attributed to a rise in all six major grocery store food group indexes. Notably, the index for nonalcoholic beverages rose 2.3% as the index for coffee rose 3.5%. The food away from home index increased, rising 0.7%. The food index rose 10.9% over the last 12 months.

The energy index decreased 4.6% in July after rising 7.5% in June. The gasoline index fell 7.7% over the month following an 11.2% increase in June. The fuel oil index (not seasonally adjusted) fell 11.0% in July.

Read the BLS release.