Current:Home > MyInflation got a little higher in July as prices for rent and gas spiked-LoTradeCoin
Inflation got a little higher in July as prices for rent and gas spiked
View Date:2024-12-23 20:22:34
The rising cost of rent, gas and groceries pushed the annual inflation rate slightly higher last month.
Consumer prices in July rose 3.2% from a year ago. The annual inflation rate inched up after falling steadily for the last 12 months.
Despite the uptick in inflation, it's still a modest acceleration and was within what analysts had expected.
On a monthly basis, prices rose 0.2% between June and July, with rising rents accounting for most of that monthly increase.
Gasoline and grocery prices also rose during the month, although gasoline is still cheaper than it was a year ago.
Stripping out volatile food and energy prices, so-called "core inflation" was 4.7% for the 12 months ending in July. That's down slightly from the 4.8% seen in June.
Meanwhile, the price of new and used cars was down last month but shelter costs rose by 0.4%.
Although inflation has been broadly easing, it remains well above the Federal Reserve's target of 2%.
The Fed will get one more monthly inflation check before its next decision on interest rates in September.
veryGood! (22)
Related
- Why was Jalen Ramsey traded? Dolphins CB facing former team on 'Monday Night Football'
- Virginia police identify suspect in 3 cold-case homicides from the 1980s, including victims of the Colonial Parkway Murders
- Maryland Gov. Wes Moore proposes public safety measures
- DeSantis targets New York, California and Biden in his Florida State of the State address
- Georgia lawmaker proposes new gun safety policies after school shooting
- Bottled water contains up to 100 times more plastic than previously estimated, new study says
- Microsoft’s OpenAI investment could trigger EU merger review
- A new wave of violence sweeps across Ecuador after a gang leader’s apparent escape from prison
- Saving for retirement? How to account for Social Security benefits
- Hottest year ever, what can be done? Plenty: more renewables and nuclear, less methane and meat
Ranking
- Today Reveals Hoda Kotb's Replacement
- Mexican authorities find the bodies of 9 men near pipeline. Fuel theft by gangs is widespread
- Congo’s constitutional court upholds election results, declares President Tshisekedi the winner
- The best TV of early 2024: Here's what to watch in January
- Singles' Day vs. Black Friday: Which Has the Best Deals for Smart Shoppers?
- Marin Alsop to become Philadelphia Orchestra’s principal guest conductor next season
- Michigan vs Washington highlights: How Wolverines beat Huskies for national championship
- South Carolina Republican agenda includes energy resilience, gender care, Black history and guns
Recommendation
-
Darren Criss on why playing a robot in 'Maybe Happy Ending' makes him want to cry
-
NFL owners, time to wake up after big seasons from several head coaches of color
-
Iowa school shooter's parents say they had 'no inkling of horrible violence'
-
CES 2024 updates: The most interesting news and gadgets from tech’s big show
-
Mattel says it ‘deeply’ regrets misprint on ‘Wicked’ dolls packaging that links to porn site
-
Princess Kate turns 42: King Charles celebrates her birthday with rare photo
-
Donald Glover, Caleb McLaughlin play 21 Savage in 'American Dream' biopic trailer
-
Judge issues arrest warrant for man accused of killing thousands of bald eagles