Consumer prices increased at a slightly higher pace than in June, while core inflation ticked downward.
The U.S. Bureau of Labor Statistics reported its monthly Consumer Price Index on Aug. 10, showing that consumer inflation modestly accelerated in July compared to June, though overall inflation remains near a two-year low.
The July CPI showed that the all items index increased 3.2% over-year, following a 3.0% increase in June.
Core inflation — which excludes volatile food and energy categories — rose 4.7% year-over-year, following increases of 4.8% in June and 5.3% in May.
July’s energy index fell 12.5% year-over-year, while the food index increased 4.9%.
On a month-to-month basis, July’s all items CPI increased 0.2% for a second straight month, with the index for shelter driving 90% of the increase. The monthly food index increased 0.2% (0.1% in June), while the energy index ticked up 0.1%.
Monthly core CPI likewise increased 0.2% in July for a second straight month.
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Mike Hockett is MDM’s executive editor, having joined the publication in March 2022. He oversees MDM’s editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett earned a degree in print journalism from the University of Wisconsin-Eau Claire and works from his home in Madison, Wisconsin. He can be contacted at mike@mdm.com.
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