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The consumer price index for urban consumers (CPI-U or more commonly just CPI) rose 0.5% in July from June, matching consensus expectations, and slowing from June’s 0.9% increase. July’s increase was the lowest since February. Energy prices rose 1.6% in July on a 2.4% increase in gasoline prices. Food prices rose 0.7% on the month, with food away from home up 0.8%. “Core” CPI excluding food and energy rose 0.3% from June, down from a 0.9% increase in June and the smallest monthly increase since March. From a year earlier, the CPI rose 5.4% in July, tying June for the fastest year-ago increase since 2008, and the core CPI rose 4.3% after June’s 4.5% increase, which was the highest since 1991.
