Economic Buzz: US consumer prices rise 0.2% in July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to a report released by the Labor Department on Tuesday.

The Labor Department said its consumer price index rose by 0.2 percent in July after climbing by 0.3 percent in June.

The annual rate of growth by consumer prices in July was unchanged from the previous month at 2.7 percent.

The monthly uptick by consumer prices primarily reflected a continued increase by prices for shelter, which rose by 0.2 percent for the second straight month.

Meanwhile, the report said energy prices slumped by 1.1 percent in July after growing by 0.9 percent in June amid a 2.2 percent plunge by prices for gasoline.

Food prices were unchanged in July after rising by 0.3 percent in June, as prices for food at home edged down by 0.1 percent but prices for food away from home rose by 0.3 percent.

Core consumer prices, which exclude food and energy prices, climbed by 0.3 percent in July after rising by 0.2 percent in June.

The annual rate of growth by core consumer prices accelerated to 3.1 percent in July from 2.9 percent in June.

Powered by Commodity Insights