U.S. consumer prices increased more than expected in July, but high unemployment is likely to keep inflation under control, allowing the Federal ...
WASHINGTON: U.S. consumer prices increased more than expected in July, with a measure of underlying inflation rising by the most in 29-1/2 years as the costs of goods and services climbed.
Economists polled by Reuters had forecast the CPI would rise 0.3per cent in July and gain 0.8per cent on a year-on-year basis. Job growth slowed significantly in July and at least 31.3 million people are on unemployment benefits. The economy, which entered recession in February, suffered its biggest blow since the Great Depression in the second quarter, with gross domestic product dropping at its steepest pace in at least 73 years.
The cost of food consumed at home dropped 1.1per cent. Beef prices tumbled 8.2per cent after surging in recent months. The cost of dairy products, nonalcoholic beverages and cereals also fell. But the cost of food consumed away from home rose 0.5per cent. Prices for full service meals increased 0.4per cent.
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