Investing.com - Consumer price inflation in the U.S. rose in line with expectations in July, while prices excluding food and energy costs inched up modestly, official data showed on Thursday.
In a report, the Bureau of Labor Statistics said that consumer prices rose by a seasonally adjusted 0.2% in July, in line with forecasts, after rising by 0.5% in June.
Year-over-year, consumer prices rose at an annualized rate of 2% last month, matching expectations and up from 1.8% in June.
Consumer prices, excluding food and energy costs, rose 0.2% in July, meeting forecasts. Core consumer prices inched up 0.2% in June.
Core CPI increased at annualized rate of 1.7% last month, in line with estimates and up from 1.6% in June.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories.
The central bank usually tries to aim for 2% core inflation or less.
Following the release of the data, the U.S. dollar turned higher against the euro, with EUR/USD shedding 0.14% to trade at 1.3237.
Meanwhile, the outlook for U.S. equity markets added to losses. The Dow Jones Industrial Average futures indicated a loss of 0.8% at the open, S&P 500 futures pointed to a decline of 0.8% and Nasdaq 100 futures indicated a drop of 1%.
In a report, the Bureau of Labor Statistics said that consumer prices rose by a seasonally adjusted 0.2% in July, in line with forecasts, after rising by 0.5% in June.
Year-over-year, consumer prices rose at an annualized rate of 2% last month, matching expectations and up from 1.8% in June.
Consumer prices, excluding food and energy costs, rose 0.2% in July, meeting forecasts. Core consumer prices inched up 0.2% in June.
Core CPI increased at annualized rate of 1.7% last month, in line with estimates and up from 1.6% in June.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories.
The central bank usually tries to aim for 2% core inflation or less.
Following the release of the data, the U.S. dollar turned higher against the euro, with EUR/USD shedding 0.14% to trade at 1.3237.
Meanwhile, the outlook for U.S. equity markets added to losses. The Dow Jones Industrial Average futures indicated a loss of 0.8% at the open, S&P 500 futures pointed to a decline of 0.8% and Nasdaq 100 futures indicated a drop of 1%.