US Consumer Price Index Up 0.2% in July

The US Department of Labor has announced that consumer prices in the United States rose last July. The ministry explained, in a statement today, that the consumer price index rose last month by 0.2 percent annually after declining by 0.1 percent last month. The core price index, which excludes the most volatile commodities such as food and energy, rose by 0.2 percent last month after rising by 0.1 percent last June. At the same time, the consumer price index recorded an annual increase of 2.9 percent after rising by 3 percent last June, while the core inflation rate declined to 3.2 percent in July, compared to 3.3 percent in June. This comes as producer prices (wholesale) in the United States recorded a less-than-expected increase last month, reflecting the first decline in service prices since the beginning of this year, amid the continued decline in inflationary pressures. The U.S. Bureau of Labor Statistics said the wholesale price index for final demand rose 0.1 percent on the month in July, and was up 2.2 percent year-over-year last month. The core wholesale price index, which excludes more volatile items such as energy and food, was unchanged last month from the previous month, but up 2.4 percent from a year earlier. Source: Qatar News Agency