After falling 0.2 percent in June, the Consumer Price Index rose 0.5 percent in July, according to the latest Bureau of Labor Statistics reports on the consumer price, US import/export price and producer price indexes. Over the last three months, headline inflation has run at a 1.8 percent annualized rate, compared with 6.2 percent from January to April. Leaving out food and energy, consumer prices rose 0.2 percent last month and have grown at a 3.1 percent annualized rate since April.
Energy prices rebounded again, driving up the overall rate of inflation. However, there is not much to be made of this volatility. Energy prices rose 2.8 percent in July, but have fallen at a 10.4 percent annualized rate over the last three months.
For more, check out our latest Prices Byte.