Bidenomics: Inflation Goes Back Up Again in July

inflation going back up
Guanaco, CC0, via Wikimedia Commons

By Casey Harper (The Center Square)

Prices continued to rise in the month of July, newly released federal inflation data shows.

The U.S Bureau of Labor Statistics on Thursday released its Consumer Price Index, a key marker of inflation, which showed the all items index rose 0.2% in July.

The same index has risen 3.2% over the last 12 months, “slightly more than the 3.0-percent increase for the 12 months ending in June.”

“The index for shelter was by far the largest contributor to the monthly all items increase, accounting for over 90 percent of the increase, with the index for motor vehicle insurance also contributing,” BLS said. “The food index increased 0.2 percent in July after increasing 0.1 percent the previous month.

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“The index for food at home increased 0.3 percent over the month while the index for food away from home rose 0.2 percent in July. The energy index rose 0.1 percent in July as the major energy component indexes were mixed.”

The 0.2% increase in July is the same increase as the month before.

“Indexes which increased in June include shelter, motor vehicle insurance, education, and recreation,” BLS said. “The indexes for airline fares, used cars and trucks, medical care, and communication were among those that decreased over the month.”

Syndicated with permission from The Center Square.

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