Higher energy costs helped lift US consumer prices in July, the first rise in four months, according to a government report today that could ease concerns about deflation.
The Labor Department said its seasonally adjusted Consumer Price Index rose 0.3 per cent last month, after falling 0.1 per cent in June. Analysts polled by Reuters had forecast consumer prices to rise 0.2 per cent.
In the 12 months to July, the consumer price index rose 1.2 per cent, in line with market expectations, after rising 1.1 per cent in June, the report showed.
The 12-month change for core prices, which excludes food and energy, remained at 0.9 per cent for the fourth month in a row, matching the lowest rate since January 1966.
On a monthly basis the core CPI rose 0.1 per cent in July, in line with expectations, after increasing 0.2 per cent in June.
Reuters