Prices were 2.7% higher last month compared with a year ago, and core inflation went up at a higher pace than what was seen in June
US prices continued to rise in July, according to key economic data released on Tuesday, as Donald Trump’s international tariffs shakeup started to impact consumer costs.
Prices were 2.7% higher last month compared with a year ago, according to the consumer price index (CPI), which measures the prices of a basket of goods and services. Though inflation dipped down in the spring, the annualized inflation rate jumped up 0.4% since April.
Though the inflation rate stayed stable between June and July, core inflation, which excludes the volatile energy and food industries, went up 3.1% over the last month – a higher pace than what was seen in June.
The report is the latest to show that the US economy is experiencing some turbulence from Trump’s unparalleled shakeup of US trading policy, despite insistence from Republicans that the economy is “firing on all cylinders”.
