Higher energy prices remain despite cooling inflation, new data shows

Data Researcher/Curator

WASHINGTON —

New government data shows inflation continued to slow last month, creeping down 0.1% from June’s data.

While cooling slightly, inflation is still up from the year prior as the U.S. nears six months of war in Iran. Inflation rose to 3.4% from the year prior in July, according to the latest Consumer Price Index released by the U.S. Bureau of Labor Statistics on Wednesday.

The energy index was up 14.7% from a year ago, continuing to contribute to elevated inflation.

The CPI, an economic indicator that measures inflation, tracks how prices for goods and services change over time for consumers.

Compared with last month, gasoline prices and fuel oil both fell slightly, but remained high from before the war in Iran, with gasoline up 24.6% from the previous year and fuel oil up 39.1%.

Electricity prices were up 4.2% from a year earlier and edged up 0.1% from June.

Other categories, including airfare, increased both year over year and month over month. Airfare rose 25.5% in July and 2.2% from the month prior. Hospital services prices also increased.

Not all categories rose; prescription drugs and motor vehicle insurance prices declined from the year earlier and the previous month.