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July CPI rose 0.1% as shelter lifted prices, annual inflation eased to 3.4%

Shelter contributed about two-thirds of the July monthly CPI increase, with rents and owners' equivalent rent both up 0.3%.

Reported · Written up by our desk · Inflation

The July CPI increased 0.1% month over month, while annual inflation eased to 3.4% from 3.5% in June, according to data released by the U.S. Bureau of Labor Statistics, HousingWire reports.

The shelter index rose 0.1%, accounting for about two-thirds of the monthly gain, with both the rent index and the owners' equivalent rent index up 0.3%. Core CPI was up 0.2% month over month and 2.5% year over year, the data showed.

HousingWire also reports that the all items less food and energy index rose 0.2% month over month after being unchanged in June. The BLS attributed that increase to higher medical care, airline fares, communication, education and recreation indexes.

First American senior economist Sam Williamson said the overall decline suggests recent price pressures are losing momentum, adding that subdued growth in asking rents may allow shelter inflation to cool further as trends flow into the official data.

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