US CPI gains slow to 2.9% in July, core prices at 3.2%

(Sharecast News) - The cost of living in the US rose in July at its slowest pace in over three years. According to the Department of Labor, the Consumer Price Index increased at a month-on-month clip of 0.2% at both the headline and core level.

That was just as expected by economists.

The annual rate of increase in headline CPI however slipped from 3.0% for June to 2.9% in July - its slowest pace since March 2021.

Economists had anticipated headline CPI would remain at 3.0%.

Core CPI also saw the year-on-year rate slow, but from 3.3% to 3.2%, meeting forecasts.

In terms of the monthly comparison, energy prices were unchanged while those for food increased by 0.2%.

Shelter price growth reverted from 0.2% in June to 0.4%, the same clip that had been seen since February.

Transportation services also rose by 0.4%, while those for medical care commodities were up by 0.2%.

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