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.<\/p>\n
From a year ago, inflation dropped slightly to 3.4% from 3.5%. But in another troubling sign for consumers, that remains above the rate of wage growth, which as of last month was pacing at 3.2%<\/a>, according to the BLS.<\/p>\n Energy prices, which are the primary cause of inflation\u2019s spike this year, continued moving higher as the war with Iran showed no sign of ending soon. <\/p>\n Gasoline prices in Wednesday\u2019s report showed a 2.9% decline during the month, although that is likely in the rearview mirror now. The price of electricity was nearly unchanged month-over-month, rising 0.1%.<\/p>\n 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<\/a>.<\/p>\n The report showed that the price of medical care, airline fares, communication, education and recreation all increased in the month. However, the cost of motor vehicle insurance was \u201camong the major indexes that decreased,\u201d the BLS said.<\/p>\n The BLS also said that shelter costs rose 0.1% in July, \u201caccounting for roughly two-thirds of the monthly all items increase.\u201d The \u201cindex for food also increased 0.1% over the month, as the index for food away from home increased 0.3%,\u201d it said. That index measures the cost to eat out or purchase take away food. <\/p>\n Even before Wednesday\u2019s 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.<\/p>\n