The U.S. Bureau of Labor Statistics (BLS) reported this morning that the U.S. consumer price index (CPI) did not change in July due to lower energy costs offsetting slightly higher food costs. Energy prices fell by 0.3% in July while the food index rose by 0.1%. Excluding food and energy, the core index rose 0.1% over the June reading.
The CPI rose 1.4% year-over-year, which is the smallest 12-month gain since 2010, and the core rate rose 2.1% compared with a year ago, the smallest change since late last year.
Economists had expected a rise of 0.2% in the CPI and a similar rise in the core index.
Gasoline prices began rising late last month and have been moving higher this month. Food prices have not moved much yet, as the impact of the drought in the United States will not reach consumers until later this year or early next.
The BLS noted, however, that food-at-home index has risen 1.9% in the past 12 months, although it was unchanged in July. The food-away-from-home index rose 0.2% in July and is up 2.9% over the past 12 months. Overall, the food index rose 0.1% in July and is up 2.3% in the past year.
Paul Ausick
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
