US Inflation Remains Above Wage Growth Amid High Energy Prices

Inflation remained stubborn in July, showing that costs for consumers are still elevated. The Bureau of Labor Statistics reported that inflation as measured by the consumer price index rose 0.1% from June to July.

The cost increase is a slight decrease from the year-ago rate of 3.5%, but it's still above the pace of wage growth, which was at 3.2% last month. Average hourly earnings slipped 0.2% from a year earlier.

Energy prices continue to be a major driver of inflation, with Brent crude oil hitting $90 and U.S. crude oil rising to almost $84 per barrel. Gasoline prices also increased, with the national regular gas price average reaching $4.03 per gallon.