A yearlong slowdown in US inflation may have stalled in July
Inflation in the United States likely rose in July for the first time in 12 months, driven higher by more expensive gasoline and suggesting that the fight against rising prices may prove bumpier in the months ahead
WASHINGTON (AP) — Inflation in the United States likely rose in July for the first time in 12 months, driven higher by more expensive gasoline and suggesting that the fight against rising prices may prove bumpier in the months ahead.
The inflation report the government will issue Thursday is expected to show that consumer prices increased 3.3% from 12 months earlier. That would mark an uptick from a 3% year-over-year increase in June — the lowest such figure in more than two years.
On a month-to-month basis, consumer prices are thought to have risen 0.2% from June to July, the same as in the previous month, according to a survey of forecasters by the data firm FactSet.
A jump in energy prices was likely a major contributor to higher inflation in July. Gasoline prices have surged nearly 30 cents over the past month to a national average of $3.83 a gallon, according to AAA.
