Consumer Price Index Up 0.4 Percent in July

Inflation rose in July as a jump in gasoline prices were offset by a 1.2 percent decline in core retail prices.

The Labor Department reported Wednesday that the Consumer Price Index rose by 0.4 percent in July. The increase for June was 0.2 percent.

Overall energy cost rose 2.9 percent in July, the largest increase in three months.

Core inflation, which excludes food and energy, slowed in July, rising by just 0.2 percent after four straight months of 0.3 percent gains. The pullback likely reinforced the view that the Federal Reserve need not raise interest rates further to slow inflation

Last week the Fed announced they were leaving rates unchanged, breaking the longest run of uninterrupted rate increases in history.

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