Inflation got a little higher in July as prices for rent and gas spiked – Gist It

Inflation got a little higher in July as prices for rent and gas spiked

July saw a slight increase in inflation due to rising costs of rent, gas, and groceries.

Key Increases: The annual inflation rate in July was pushed slightly higher due to increases in consumer prices, particularly for rent and gasoline.
* Consumer prices in July rose 3.2% from a year ago, following price decreases over the last 12 months.
* Prices rose 0.2% on a monthly basis between June and July, with rising rent being the primary factor in this increase.

Additional Contributors: Other factors that contributed to the increase were grocery prices and gasoline, although gasoline was still cheaper than the previous year.
* Despite these rises, the increase in inflation is still considered modest and was within what analysts had expected.

“Core inflation” Details: Excluding the volatile food and energy prices, the so-called “core inflation” was at 4.7% for the 12 months ending in July.
* This core inflation rate is slightly down from the 4.8% recorded in June.

Price Fluctuations: While the cost of new and used cars decreased last month, shelter costs rose by 0.4%.

Federal Reserve’s Role: Although inflation is on an easing trend, it remains above the Federal Reserve’s target of 2%.
* The Fed will have another monthly inflation check before its decision on interest rates in September.

View original article on NPR

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August 10, 2023

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