Inflation continues to creep upward. The Labor Department said yesterday morning that the Consumer Price Index rose 0.3 percent last month, lifted by gains in the cost of energy products and a range of other goods.
In July, energy prices overall increased 1.3 percent after falling 2.3 percent the month before. The biggest driver came at the gas pump, where prices rebounded 2.5 percent after dropping 3.6 percent in June. Nevertheless, gas prices still remain 3.3 percent lower than a year ago.
Other costs contributed to the rise as well. Electricity rose 0.6 percent, while shelter costs increased 0.3 percent. Food prices were unchanged for a second straight month, and food consumed at home slipped 0.1 percent.
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