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.

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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.

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

Associated Press

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