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US inflation eases in July as food cools, housing stays firm
The monthly inflation rate rose 0.1% in July, driven mainly by higher housing costs, while gasoline was up 24.6% year over year.
US consumer prices rose 3.4% in the year to July, down from 3.5% in the year to June, according to new data cited by BBC Business.
The report said energy remained volatile, with gasoline up 24.6% over the year, even as overall energy costs dipped in July. Month to month, inflation increased 0.1%, mainly due to higher housing costs.
Food prices rose only slightly in July and at a slower pace than in June, providing some relief, while energy prices fell. Prices excluding food and energy rose 0.2% after staying flat in June, with medical care and airline tickets edging higher as car insurance continued to fall.
BBC Business also noted that investors reacted calmly, with stocks little changed as the figures were broadly in line with market expectations. It said recent labor market concerns have eased expectations for a rate increase after July's jobs report showed job losses.
Latest closeGasoline (RBOB) $2.892 ▼7.8%