Inflation as measured by the consumer price index rose 0.1% from June to July, the Bureau of Labor Statistics said Wednesday, showing that costs broadly remained elevated for consumers despite volatile energy prices.
From a year ago, inflation dropped slightly to 3.4% from 3.5%. But in another troubling sign for consumers, that remains above the pace of wage growth, which as of last month was pacing at 3.2%, according to the BLS.
Energy prices, which are the primary cause of inflation’s spike this year, continued moving higher as the war with Iran showed no sign of ending soon.
Brent crude oil hit $90 earlier Wednesday morning, while U.S. crude oil rose to almost $84 per barrel. The national regular gas price average also rose Wednesday, once again hitting $4.03 per gallon.
“Core” CPI, which measures inflation without food or energy costs, rose 0.2%, more than inflation overall. If that trend continues, that could be of particular concern for the Federal Reserve, as a potential indication that inflation is spilling over from energy costs, tariffs or other categories shaken by geopolitical issues into other price categories.
Even before Wednesday’s figures, some notable Federal Reserve officials were already calling for a rate hike. The Fed has kept rates unchanged since the war with Iran began, even as other central banks in Europe and Japan have raised rates.
“Now is the time to act,” Cleveland Fed President Beth Hammack wrote Tuesday on LinkedIn. “The longer we wait to take action to bring inflation back to our 2 percent objective, the more challenging it will be to bring it back down and the more expensive it will be for the American people,” she added.
The Fed’s policy-setting committee will make its next interest rate decision in mid-September.
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