The Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in July, down from a 1.9% increase in June.
Prices for gasoline led the slowdown in the all-items CPI, falling 16.1% year over year in July, following a 13.4% decline in June. Excluding gasoline, the CPI rose 2.5% in July, matching the increases in May and June.
Moderating the deceleration in July were higher prices for groceries and a smaller year-over-year decline in natural gas prices compared with June.
The CPI rose 0.3% month over month in July. On a seasonally adjusted monthly basis, the CPI was up 0.1%.
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