U.S. Consumer Price Growth Accelerates In Line With Estimates In July
(RTTNews) - Consumer price growth in the U.S. accelerated in line with economist estimates in the month of July, according to a report released by the Commerce Department on Thursday.
The Commerce Department said the annual rate of consumer price growth increased to 3.3 percent in July from 3.0 percent in June. The faster growth matched expectations.
The reading on inflation, which is said to be preferred by the Federal Reserve, also showed consumer prices rose 0.2 percent on a monthly basis in July, matching the uptick in June as well as economist estimates.
The report also said the annual rate of growth by core consumer prices, which exclude food and energy prices, inched up to 4.2 percent in July from 4.1 percent in June. The modest increase also matched expectations.
Core consumer prices rose by 0.2 percent on a monthly basis in July after edging up by 0.2 percent in June, in line with estimates.
The inflation readings were included in the Commerce Department's report on personal income and spending in the month of July.
The report said personal income crept up by 0.2 percent in July after rising by 0.3 percent in June, while personal spending advanced by 0.8 percent in July after climbing by 0.6 percent in June.
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