(MENAFN- AFP) Consumer prices in the United States rose a bare 0.1 percent in July despite strong gains in food costs, the Labor Department reported Tuesday.
The slowdown in consumer inflation after three months of faster gains left the year-on-year consumer price index (CPI) up 2.0 percent, a level the Federal Reserve's monetary policy makers have regarded as non-threatening.
Food prices were up 0.4 percent in the month, continuing a high pace of increases since February which are hitting American shoppers in the wallet. Food costs were 2.5 percent higher than a year ago.
But offsetting that has been a fall in energy prices, with gasoline prices now 0.8 percent down from a year ago.
Less energy and food, both more volatile components of the index, CPI was up 0.1 percent for the month and 1.9 percent over 12 months.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.