Labor Department announced on Wednesday the U.S. consumer price index (CPI) rose
0.5 percent m-o-m in July, following an unrevised 0.9 percent m-o-m gain in the
This was the smallest one-month increase in headline CPI since February.
Over the last 12 months, the CPI climbed 5.4 percent y-o-y, unchanged from +5.4 percent y-o-y reported for the period ending in June.
Economists had forecast the CPI to increase 0.5 percent m-o-m and 5.3 percent y-o-y in the 12-month period.
According to the report, the indexes for shelter (+0.4 percent m-o-m), food (+0.7 percent m-o-m), energy (+1.6 percent m-o-m), and new vehicles (+1.7 percent m-o-m) all rose in July and contributed to the monthly all items seasonally adjusted advance.
Meanwhile, the core CPI excluding volatile food and fuel costs rose 0.3 percent m-o-m in July after an unrevised 0.9 percent m-o-m jump in the previous month.
In the 12 months through July, the core CPI surged 4.3 percent compared to an unrevised 4.5 percent advance for the 12 months ending June.
Economists had forecast the core CPI to rise 0.4 percent m-o-m and 4.3 percent y-o-y last month.
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