U.S. consumer prices rose 0.3% in July, pushed higher by more expensive gas, medical care and housing.
The consumer price index increased 1.8% compared with a year earlier, up from 1.6% in June, the Labor Department said Tuesday. Excluding the volatile food and energy categories, core prices moved up 0.3% in July and 2.2% from a year ago.
While last month's price gains were modest, they were widespread. Clothing prices increased 0.4%, used car and truck prices moved up 0.9%, and prescription drug costs rose 0.4%. Airline fares jumped 2.3%. There are some signs higher wages may be having an effect. The cost of housing operations, such as cleaning, landscaping and moving, jumped 5.4% in the past year.
Fed Chairman Jerome Powell has cited tame inflation as a key reason the central bank cut short-term interest rates last month. Most economists expect further cuts this year to offset the negative impact of the Trump administration's trade war with China.
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