July inflation breakdown: Where are prices rising and falling the fastest?

foxbusiness.com:

Piper Sandler Chief Global Economist Nancy Lazar details her economic expectations for the second half of the fiscal year on ‘Mornings with Maria.’ 

Inflation rose in July for the first time in more than a year as a spike in the cost of rent, gasoline and groceries kept prices abnormally high for millions of U.S. households. 

The U.S. Department of Labor said Thursday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 0.2% in July from the previous month, in line with estimates.

Prices climbed by 3.2% from the same time last year, up from 3% in June but slightly below the 3.3% forecast from Refinitiv economists. It marked the first acceleration in the headline figure in more than a year, underscoring the challenge of taming high inflation.

«Lower airline, used car, and medical care prices helped keep inflationary pressure under check, while still high shelter costs were the primary driver of headline price increases during the month,» said Sam Millette, fixed income strategist for Commonwealth Financial Network. 

INFLATION ROSE 3.2% IN JULY AS PRICES TICK HIGHER FOR FIRST TIME IN A YEAR

Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. (Gabby Jones/Bloomberg via Getty Images/File / Getty Images)

Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.

Shelter costs, which account for about 40% of the core inflation increase, rose 0.4% for the month and are up 7.7% over the past year. 

It was the largest contributor to the monthly increase, the Labor Department said in the report, accounting for