Economic Buzz: US Consumer Prices Unchanged In July

11 Aug 2022 , 08:46 AM

With a sharp pullback in gasoline prices offsetting higher prices for food and shelter, the Labor Department released a report showing U.S. consumer prices came in flat in the month of July. The Labor Department said its consumer price index was unchanged in July after jumping by 1.3 percent in June. The unchanged reading on consumer prices came as gasoline prices plunged by 7.7 percent in July after spiking by 11.2 percent in June. The pullback in gas prices helped offset a continued surge in food prices, which shot up by 1.1 percent in July after jumping by 1.0 percent in June. Prices for food at home leapt by 1.3 percent, while prices for food away from home increased by 0.7 percent. Compared to the same month a year ago, consumer prices in July were up by 8.5 percent, reflecting a bigger than expected slowdown from the 9.1 percent spike in June. Meanwhile, the report said core consumer prices, which exclude food and energy prices, rose by 0.3 percent in July after climbing by 0.7 percent in June. Core prices were expected to increase by 0.5 percent. The annual rate of core consumer price growth was unchanged at 5.9 percent.Powered by Commodity Insights