INFLATION COOLED IN JULY, REMAINS NEAR 40-YEAR HIGH

Key Points:

  • The Consumer Price Index (CPI) was unchanged in July after rising 1.3% in June.
  • CPI increased 8.5% from a year ago, down from 9.1% in June, the highest reading since the period ending November 1981.
  • Prices remained above 5% for the fourteenth straight month.
  • The core CPI, which excludes food and energy, rose 0.3% in July and is up 5.9% from the previous year.
  • The energy index is up 32.9% and the food index is up 10.9% from the previous year.
  • The food index increase of 10.9% is the highest reading since May 1979.
  • The Right Facts will continue to monitor CPI.
Source