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Sunday, December 3, 2023
HomeNewsEconomyConsumer Price Index (CPI) Flat in July, Gas Prices Declined

Consumer Price Index (CPI) Flat in July, Gas Prices Declined

consumer prices gas
consumer prices gas

Consumer Price Index (CPI) reporting on gas prices from the Labor Department.

The Labor Department said Tuesday its Consumer Price Index (CPI) was unchanged in July on a seasonally adjusted basis, meeting the median forecast. The energy component declined 1.6% after rising in each of the last four months, due largely to decreases in gasoline prices.

Other energy indexes were mixed. The shelter index rose just 0.2%, its smallest increase since March. Prices for medical care, new vehicles, and motor vehicle insurance also rose.

Excluding the volatile food and energy components–the so-called core CPI–consumer prices were 0.1% higher, compared to expectations for another 0.2% gain as in June. The Federal Reserve, though using a separate measurement to gauge inflation, will not likely increase its benchmark interest rate until inflation picks back up to the target 2% level.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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