Photo by JIM WATSON/AFP via Getty Images Consumer prices surged higher in July.
The Consumer Price Index rose 5.4 percent compared with a year ago, the Department of Labor said Thursday. On a monthly basis, the CPI rose 0.5 percent.
Economists had expected the inflation measure to rise by 5.5 percent on an annual basis and 0.5 percent compared with a year ago.Core inflation, which excludes the volatile food and energy categories, rose 4.3 compared with 12-months ago and 0.3 compared with June. Both figures were in-line with expectations.Prices rose 0.9 percent on a monthly basis in June and 5.4 percent […]
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