Inflation in the US rose another 0.2% month-over-month in July, resulting in an annual increase of 3.2%— slightly below forecasts calling for a print of 3.3% but above June’s reading of 3%. Core CPI, which excludes volatile components such as food and energy, was up 4.7% over the past 12 months, less than last month’s 4.8% and below economists’ expectations of 4.8%.
The biggest contributor to last month’s CPI gain was the shelter component, accounting for a whooping 90% of the increase! Shelter rose another 0.4% month-over-month and was up 7.7% from July 2022. Americans also continued to pay more for food, as prices rose 0.2% month-over-month following an increase of 0.1% in June; this component was up 4.9% over the past 12 months.
Although energy prices saw a slight uptick of 0.1% from June, they were still down 12.5% from one year ago, with the gasoline index dipping 19.9% year-over-year.
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