Modest inflation increase in July
Aug. 16, 2013 – The overall consumer price index increased at a slower pace of 0.2 percent in July on a seasonally adjusted basis, due primarily to moderating energy prices after surging in the previous month, according to NAFCU Research Assistant Doug Christman.
For the 12-month period, overall CPI growth was 2 percent, up from 1.8 percent in June. Core prices, excluding food and energy costs, rose 0.2 percent in July month over month after a 0.2 percent increase in June. Year-over-year core CPI grew 1.7 percent, ahead of June’s 1.6 percent increase.
“Both CPI and core CPI remain below the Fed’s inflation target and will be an important metric as they discuss tapering quantitative easing,” Christman said in a NAFCU Macro Data Flash report.
Energy prices increased by 0.2 percent in July following a 3.4 percent increase in June. From a year ago, energy prices were up 4.8 percent. Food prices increased 0.2 percent in July following an increase of 0.2 percent in June; they were up 1.5 percent on a year-over-year basis.
NAFCU Macro Data Flash report