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U.S. CPI rises 0.1% in July, annual inflation cools to 3.4%

Shelter costs rose 0.1% in July and accounted for about two-thirds of the monthly CPI increase, while core prices increased 0.2% after a flat June.

Reported · Written up by our desk · Economy

The U.S. Consumer Price Index increased 0.1% in July, according to the U.S. Bureau of Labor Statistics, rebounding from a 0.4% decline in June.

Over the past 12 months, the CPI rose 3.4%, easing slightly from 3.5% in June, with shelter costs up 0.1% for the month and roughly two-thirds of the overall monthly gain.

Food prices also rose 0.1% in July, driven by a 0.3% increase in food away from home, while energy prices fell 1.5% for the month but were still higher over the trailing year.

Core prices, excluding food and energy, rose 0.2% after holding flat in June, and Federal Reserve officials are assessing whether inflation is slowing enough to keep interest rates unchanged, with the Fed holding its target federal funds range at 3.50% to 3.75% at its July meeting.

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