Business

Consumer prices edge up 0.1 percent in July

WASHINGTON — US consumer prices rose in July, at the slowest pace in five months.

The Labor Department says consumer prices edged up a seasonally adjusted 0.1 percent last month, after larger gains of 0.3 percent in June and 0.4 percent in May.

Advertisement

The July price restraint came from falling gasoline prices, which had surged in June.

Over the past 12 months, consumer inflation is up 2 percent while inflation excluding food and energy is up 1.9 percent. Price gains around 2 percent are considered moderate and meet the 2 percent inflation target set by the Federal Reserve.

Analysts believe overall prices will moderate further in coming months, helped by moderation in energy costs.

Associated Press

Loading comments...