A person shops for groceries at an independent food market in Los Angeles on May 9, 2024. Three of six key grocery store categories notched decreases in July's Consumer Price Index by the U.S. Bureau of Labor Statistics. File Photo by Allison Dinner/EPA
Aug. 12 (UPI) -- The annual rate of inflation began to accelerate again in July after slowing in June, the U.S. Bureau of Labor Statistics reported on Wednesday.
The Consumer Price Index increased by a seasonally adjusted 0.1% in July, reaching an annual rate of 3.4%. The index fell by 0.4% in June as the United States and Iran neared a peace agreement that ultimately fell apart.
The index excluding volatile food and energy, known as core inflation, increased by 0.2%, matching the rate increase in June. The increase falls in line with the Dow Jones consensus estimate.
Energy prices have been a driving factor in accelerating inflation, particularly since the United States and Israel launched attacks on Iran on Feb. 28. The annual energy index for the 12 months ending in July climbed by 14.7% while the food index rose 3%.
