U.S. consumer prices jumped 0.6 percent in July as oil prices continued to rise. Excluding volatile food and energy prices, prices surged 0.6 percent last month from June — the biggest monthly increase since January 1991
The increase last month in consumer price index matched a 0.6 percent rise in June according to, the US Labor Department.
The uptick was about twice what economists expected. But inflation remains in check: Consumer prices are up just 1 percent over the past year.
Gasoline prices rose 5.3 percent from June to July but are down 20.3 percent in the past 12 months as the coronavirus recession kept many Americans from driving.
Food prices dipped 0.4 percent, the first drop since April 2019. Grocery prices dropped 1.1 percent while the cost of dining out rose 0.5 percent.