The Bureau of Labor Statistics (BLS) said on Wednesday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.1% on a monthly basis and is up 3.4% from a year ago.
The monthly data follows a reading of negative 0.4% in June, while the annual figure is slightly cooler than last month’s 3.5% reading.
So-called core prices, which exclude volatile measurements of gasoline and groceries to better assess price growth trends, were up 0.2% from a month ago and are 2.5% higher year over year. The monthly figure represents a slight uptick after price growth was flat in June, while the annual figure is slightly cooler than last month’s 2.6% reading.
Energy prices fell 1.5% on a monthly basis in July, but remain up 14.7% from a year ago. That follows a decline of 5.7% in June, when energy prices were easing quickly.
Food prices increased 0.1% from a month ago and are up 3% compared with last year. The food at home index declined 0.1% in July and is up 2.7% from a year ago, while the food away from home index rose 0.3% in July and is 3.4% higher than last year.
Housing prices rose 0.1% in July, which the BLS noted was responsible for about two-thirds of the total monthly increase, while the shelter index is up 3.2% from a year ago. Tenants’ and household insurance prices decreased 0.1% in July but are up 4.8% from a year ago.
Transportation services prices rose 0.3% in July and are up 2.9% from a year ago. Airline fares rose 2.2% in July and are up 25.5% over the last year.