Inflation Remained Elevated but Stable in July
Washington, DC, August 12, 2021-Inflation remained elevated in July as the economic recovery continued, but prices showed evidence of cooling amid pandemic-related supply problems and signs that the recent rise in coronavirus infections is starting to crimp some business activity, reports the Wall Street Journal.
“Consumer prices rose 5.4% in July from a year earlier, the same pace as in June, the highest 12-month rate since 2008, the Labor Department reported Wednesday.
“On a monthly basis, however, price pressures weakened. The department’s consumer-price index climbed a seasonally adjusted 0.5% in July from June, a significantly slower pace than its 0.9% increase in June from May, though well above the average 0.2% rate from 2000 to 2019.
“The CPI measures what consumers pay for goods and services, including groceries, clothes, restaurant meals, recreation and vehicles.”