The Labor Department said that consumer prices rose 5.4%, matching the prior month’s gain as the fastest since August 2008.
Prices that Americans pay for everyday goods and services accelerated in July as pent-up demand for travel and restaurants kept inflation hot, but about where economists had expected.
The Labor Department reported Wednesday that its consumer price index rose 5.4% in July from a year earlier, in line with June’s figure and matching the largest jump since August 2008.
The government said CPI increased 0.5% on a month-over-month basis, matching a consensus forecast from economists surveyed by Dow Jones.
So-called core inflation, which excludes energy and food, rose by 0.3% last month, shy of a forecasted 0.4% increase and well below June’s rise of 0.9%. The core figure is up 4.3% over the last year, a slight deceleration from June’s 4.5%.
Keep reading at CNBC.