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Consumer prices increase in July

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Kunal Mehta / Shutterstock.com Kunal Mehta / Shutterstock.com

Increase in CPI of 0.1% lower than expectations.

Largely driven by increased shelter prices, the Consumer Prices Index increased on a seasonally adjusted basis by 0.1% in July, according to the U.S. Bureau of Labor Statistics. This is the sixth monthly increase in a row, and follows a 0.3% increase in June.

Analysts had expected an increase of 0.2% in July.

Over the last 12 months, the index has risen 0.2%.

The index for all items less food and energy, known as “core” CPI, also increased 0.1%, following a 0.2% increase in June.

Core CPI has increased 1.8% over the last 12 months.

The increase in consumer prices, combined with a tightening labor market, would appear to gives added strength to the Fed’s plan to raise interest rates later this year.

 

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