After two months of falling energy prices, a large rebound again drove up the overall rate of inflation. There is not much to be made of this volatility. Energy prices rose 2.8 percent in July, but have fallen at a 10.4 percent annualized rate over the last three months. Food prices rose 0.4 percent in the month and at a 3.8 percent rate since April—slightly faster than the core rate of inflation.
For more, check out our latest Prices Byte.