Consumer prices in the United States increased in July in line with economists’ projections, according to data released Tuesday by the Labor Department.
The Consumer Price Index (CPI) advanced 0.2% for the month, following a 0.3% gain in June. The uptick met consensus expectations.
On a yearly basis, CPI growth held steady at 2.7%, the same pace recorded in June. Economists had anticipated a slight acceleration to 2.8%.
Core CPI, which strips out volatile food and energy components, climbed 0.3% in July after a 0.2% rise in June, also matching market forecasts.
The annual increase in core prices quickened to 3.1% from 2.9% the previous month, whereas analysts had projected a smaller rise to 3.0%.
Later in the morning, at 10 a.m. ET, Richmond Federal Reserve President Thomas Barkin is scheduled to deliver remarks on “Why the Consumer Matters” at the Health Management Academy.
At 10:30 a.m. ET, Kansas City Fed President Jeffrey Schmid will speak on monetary policy and the economic outlook at the Southern Economic Development Council’s Annual Conference.
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