Consumer prices rose less than expected in June, according to the latest consumer price index.
Higher energy prices offset cheaper food costs, lifting the headline index.
CPI rose 0.2% month-on-month and 1% year-on-year. Economists had forecast that the basket of prices measured by CPI rose 0.3% month-on-month and 1.1% year-on-year, according to Bloomberg.
Compared to the prior year, core CPI rose 2.3%, and 0.2% month-on-month.
Economists had estimated that excluding ever-fluctuating food and energy costs, core CPI increased 0.2% month-on-month and 2.2% year-on-year.
That rate compared to a year ago is above the Federal Reserve’s target of 2%, although it prefers to use personal consumption expenditures as a gauge of inflation.
Business Insider Emails & Alerts
Site highlights each day to your inbox.