US consumer prices up marginally in July

Tuesday 19 August 2014 13.51
Food costs continued to rise, however energy prices in the United States are down
Food costs continued to rise, however energy prices in the United States are down

Consumer prices in the United States rose a bare 0.1% in July despite strong gains in food costs, the country’s Labor Department has reported.

The slowdown in consumer inflation after three months of faster gains left the year-on-year consumer price index up 2%, a level the Federal Reserve's monetary policy makers have regarded as non-threatening.

Food prices were up 0.4% in the month, continuing a high pace of increases since February which are hitting American shoppers in the wallet. Food costs were 2.5% higher than a year ago.

But offsetting that has been a fall in energy prices, with gasoline prices now 0.8% down from a year ago.

Less energy and food, both more volatile components of the index, CPI was up 0.1% for the month and 1.9% over 12 months.