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US inflation picks up steam in July

US inflation picks up steam in July

Mubasher: US consumer prices rose at a solid pace in July, driven by gains in energy as well as most of the other goods and services, signalling that inflation gaining footing after a weak start of the year.

The US consumer price index (CPI) rose by 0.3% in July, after slightly increasing by 0.1% in May, data showed on Tuesday.

For the 12 months ended last July, CPI rose by 1.8%, on a seasonally unadjusted basis, above a gain of 1.6% in the previous,

The gauges for gasoline and shelter provided the biggest upward contributions to the monthly gain in the headline index.

On a broader level, the energy index advanced during the month, with gains seen in gasoline and electricity, despite a decline in natural gas index, the US Bureau of Labor Statistics (BLS) said.

Excluding volatile commodities like food and energy, the so-called core CPI, wnet up also by 0.3% last month, recording the same gain in the prior month, while the index rose by 2.2% year-on-year.

By 12:35 pm, the US dollar index, which tracks the greenback against a basket of six major currencies, ticked up by 0.09% to 97.47.