US Inflation Slows to 0.1% as Energy Prices Plummet
US inflation remained relatively stable in July as falling gasoline and energy costs helped temper consumer price increases, according to data from the Labor Department. The Consumer Price Index (CPI), a key inflation gauge, rose just 0.1% in July, matching expectations after a 0.4% decline in June.
The CPI measures changes in what American consumers pay for a broad basket of goods and services, ranging from eggs to energy. Food prices rose 0.1% in July, while grocery store prices fell 0.1%. Restaurant prices increased 0.3%, following a 0.2% gain.
Energy prices also declined, with gasoline prices falling 2.9% in July after plunging 9.7% in June. Even so, pump prices remained 24.6% higher than a year earlier, down from a 26.7% annual increase previously.