July inflation breakdown: Where are prices still rising the fastest?

foxbusiness.com:

Former IMF chief economist Kenneth Rogoff discusses the state of the economy following the July CPI report.

Inflation eased again in July, even as an uptick in the cost of rent, groceries and auto insurance kept prices uncomfortably high for millions of Americans.

The Labor Department on Wednesday said that the consumer price index (CPI), a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.2% in July from the previous month, in line with expectations.

Prices climbed 2.9% from the same time last year. It marked the lowest level of inflation since March 2021.

INFLATION RISES 2.9% IN JULY, LESS THAN EXPECTED

«Evidence is piling up that consumers are struggling under the combined weight of high prices, elevated interest rates, and the cooling job market,» said Mark Hamrick, senior economic analyst at Bankrate. «Even with the ‘as expected’ readings, prices broadly continued to rise last month.»

Here is a breakdown of where Americans are seeing prices rising and falling the fastest.

Housing costs were once again the main driver of inflation last month. Rent costs rose 0.3% for the month and are up 5.1% from the same time last year.

Rising rents are concerning because higher housing costs most directly and acutely affect household budgets.

A house for sale in the Capitol Hill neighborhood of Washington, D.C., on July 30,.  (Tierney L. Cross/Bloomberg via Getty Images / Getty Images)

Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home also climbed by 0.4% from the previous month.

Shelter inflation was a «fly in the ointment» in the July CPI report, said Kathy Bosjancic, Nationwide chief economist. 

«These readings throw some