Consumer Price Index climbs for first time in 4 months
Consumer Price Index has increased in July as compared to the previous year, marking the first monthly increase in prices in four months.
According to the U. S. Bureau of Labor Statistics, CPI has increased by 1.2 percent over the past one year due to increasing energy costs, housing and health care costs.
The cost of energy has increased by 5.2 percent due to higher gasoline prices.
The overall prices have increased by 1.1 percent in June as compared to the previous year.
Food prices have declined by 0.1 percent, with the fall in the prices of fruits and vegetables.
The housing, clothing, cars and tobacco prices continued to increase during the month whereas there has been decline in the prices for medical care, airline fares and household furniture.
Both electricity prices and national gas heating prices have declined by nearly 16 percent.
The clothing prices have increased by 6 percent because of downward trend in clothing prices in recent years.
It is expected that there will be sharp increase in food costs due to recent increase in the agricultural commodity prices.
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