Current:Home > FinanceInflation got a little higher in July as prices for rent and gas spiked -TradeWisdom
Inflation got a little higher in July as prices for rent and gas spiked
View
Date:2025-04-12 19:39:35
The rising cost of rent, gas and groceries pushed the annual inflation rate slightly higher last month.
Consumer prices in July rose 3.2% from a year ago. The annual inflation rate inched up after falling steadily for the last 12 months.
Despite the uptick in inflation, it's still a modest acceleration and was within what analysts had expected.
On a monthly basis, prices rose 0.2% between June and July, with rising rents accounting for most of that monthly increase.
Gasoline and grocery prices also rose during the month, although gasoline is still cheaper than it was a year ago.
Stripping out volatile food and energy prices, so-called "core inflation" was 4.7% for the 12 months ending in July. That's down slightly from the 4.8% seen in June.
Meanwhile, the price of new and used cars was down last month but shelter costs rose by 0.4%.
Although inflation has been broadly easing, it remains well above the Federal Reserve's target of 2%.
The Fed will get one more monthly inflation check before its next decision on interest rates in September.
veryGood! (49)
Related
- Senate begins final push to expand Social Security benefits for millions of people
- Hyundai recall: Over 180,000 Elantra vehicles recalled for trunk latch issue
- Kristin Cavallari slams critics of her dating 24-year-old: 'They’re all up in arms'
- The Missouri governor shortens the DWI prison sentence of former Chiefs assistant coach Britt Reid
- Most popular books of the week: See what topped USA TODAY's bestselling books list
- 32 things we learned from 2024 NFL scouting combine: Xavier Worthy sets 40 record, J.J. McCarthy builds buzz
- Caitlin Clark breaks Pete Maravich's all-time scoring record as Iowa beats Ohio State
- Trump endorses Mark Robinson for North Carolina governor and compares him to Martin Luther King Jr.
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Hi Hi!
- Suspected drunk driver charged with killing bride on wedding night released on bail
Ranking
- 'Kraven the Hunter' spoilers! Let's dig into that twisty ending, supervillain reveal
- Man charged with attacking police in Times Square, vilified in Trump ad, was misidentified, DA says
- Georgia’s largest county is still repairing damage from January cyberattack
- NASCAR Las Vegas race March 2024: Start time, TV, streaming, lineup for Pennzoil 400
- Trump invites nearly all federal workers to quit now, get paid through September
- Getting off fossil fuels is hard, but this city is doing it — building by building
- Texas WR Xavier Worthy breaks John Ross' NFL combine record with 4.21-second 40-yard dash
- Masked shooters kill 4 people and injure 3 at an outdoor party in California, police say
Recommendation
Questlove charts 50 years of SNL musical hits (and misses)
College athletes will need school approval for NIL deals under bill passed by Utah Legislature
16 Products That Will Help You Easily Tackle Your Mile-Long List of Chores While Making Them Fun
Lionel Messi makes 2024 goals clear: Inter Miami is chasing MLS Cup
Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
What is a 'boy mom' and why is it cringey? The social media term explained
Caleb Williams is facing colossal expectations. The likely No. 1 NFL draft pick isn't scared.
Iris Apfel, fashion icon who garnered social media fame in her later years, dies at 102