August 12, 2020

US consumer prices jump in July, pushed by autos

Washington (AFP) – US inflation is picking up pace as consumer prices jumped 0.6 percent again in July, mirroring the June increase, and driven up by new and used car prices, government data showed Wednesday.After plunging in the first two months of the coronavirus pandemic, the consumer price index (CPI) has roared back, posting a gain that was double what economists had been expecting, the Labor Department reported.Falling oil prices had been keeping a lid on the overall price gains, but the energy index rose 2.5 percent last month, according to the report.Food prices however continue to dec…


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