The consumer price index increased 1.8% compared with a year earlier, up from 1.6% in June, the Labor Department said Tuesday. Excluding the volatile food and energy categories, core prices moved up 0.3% in July and 2.2% from a year ago.
While last month's price gains were modest, they were widespread. Clothing prices increased 0.4%, used car and truck prices moved up 0.9%, and prescription drug costs rose 0.4%. Airline fares jumped 2.3%. There are some signs higher wages may be having an effect. The cost of housing operations, such as cleaning, landscaping and moving, jumped 5.4% in the past year.
Fed Chairman Jerome Powell has cited tame inflation as a key reason the central bank cut short-term interest rates last month. Most economists expect further cuts this year to offset the negative impact of the Trump administration's trade war with China.
Higher prices for the things people need so have no choice to pay for them. Who supplies these things people need? Greedy corporations.
The article defies its own headline. 'Gas prices jumped 2.5% in July, though they have already fallen back and will likely keep doing so since oil prices are declining. ' BTW: Gas prices always drop in Aug when millions of school buses hit the road. Supply & Demand
The economy is a ticking time bomb. Enjoy going back to work after your retirement savings disappear boomers
my insurance went up 300% since Obama
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