Economics
U.S. Inflation Quickened in July on Costs of Vehicles, Apparel
- Core prices post biggest monthly gain in about three decades
- Drop in grocery prices provides relief after months of gains
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U.S. consumer prices rose in July by more than expected on a jump in auto and apparel costs, though inflation remained broadly muted as the pandemic suppressed demand.
The consumer price index rose 0.6% from the prior month, following a 0.6% gain in June, Labor Department figures showed Wednesday. The median forecast in a Bloomberg survey of economists called for a 0.3% increase. Compared with a year earlier, the gauge increased 1%, after June’s 0.6% rise.