U.S. consumer prices jumped 0.6% in July as gasoline prices continued to rise.
WASHINGTON — U.S. consumer prices jumped 0.6% in July as gasoline prices continued to rise.
The Labor Department reported Wednesday that the increase last month in its consumer price index matched a 0.6% rise in June. The uptick was about twice what economists expected. But inflation remains in check: Consumer prices are up just 1% over the past year.
Gasoline prices rose 5.3% from June to July but are down 20.3% in the past 12 months as the coronavirus recession has kept Americans from driving.
Excluding volatile food and energy prices, so-called core inflation was up 0.6% last month from June and 1.6% from a year ago.