Inflation in the United States rose at 8.5 percent in July compared with a year earlier, the Department of Labor said Wednesday.
Compared with a month earlier, the Bureau of Labor Statistics’ Consumer Price Index was flat with the month prior.
Economists had expected CPI to rise at an annual rate of 8.7 percent, down from 9.1 percent in June. They expected a month-over-month increase of 0.2 percent, a sharp decline from the 1.1 percent recorded in June.
Inflation has American families hard by raising prices for everyday necessities like food, gasoline, housing, transportation, and utilities. A sizeable decline in the price of gasoline in July, which retreated from record highs hit the prior month, helped bring down the overall rate of inflation. The index for gasoline fell 7.1 percent in July. Compared with a year ago, the gas index is up 44 percent.
Economists look to a…