Aug. 12 (UPI) -- The Consumer Price Index rose slightly less than expected in July annually as tariffs showed only a minimal influence on prices.
The CPI increased a seasonally adjusted 0.2% for the month and 2.7% on a 12-month basis, the Bureau of Labor Statistics reported Tuesday. The Dow Jones estimates were 0.2% and 2.8%.
Excluding food and energy, core CPI increased 0.3% for the month and 3.1% from a year ago, compared with the forecasts for 0.3% and 3%. Federal Reserve officials generally consider core inflation to be a better reading for longer-term trends, CNBC reported.
The 2% increase in shelter costs was the main uptick in the index, while food prices were flat and energy fell 1.1%.
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