Prices for U.S. consumers rose 0.5% last month but at the slowest pace since February, a sign that Americans may gain some relief after four months of sharp increases that have imposed a financial burden on the nation's households.
New Buick Encore SUV's displayed on the sales lot at the Albrecht Auto Group dealership, Tuesday, Aug. 3, 2021, in Wakefield, Mass. Prices for U.S. consumers rose in July at the slowest pace since February, a sign that Americans could gain some relief after four months of sharp increases that had elevated inflation to its fastest pace in more than a decade.
Wednesday’s report from the Labor Department showed that consumer prices jumped 0.5% from June to July, down from the previous monthly increase of 0.9%. They have increased a substantial 5.4% compared with a year earlier. Americans continue to face higher prices, with the year-over-year inflation rate matching June’s increase as the largest annual gain since 2008. At the same time, some recent drivers of the inflation surge slowed last month. The price of used cars, which had soared over the past three months, ticked up just 0.2% in July. Airline fares, which have been spiking, actually declined 0.1% in July.
In response, Powell and the White House have said they believe that the pickup in inflation, which well exceeds the Fed’s 2% annual target, will prove temporary because it stems mainly from supply shortages resulting from the sudden shutdown — and swift reopening — of a $20 trillion economy.
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