US consumer price increases slowed in July, inflation still high

The consumer price index increased 0.5% from June and 5.4% from a year ago, according to Labor Department data released Wednesday

US consumer price increases slowed in July but inflation overall remained historically high amid continued supply-chain disruptions and stronger demand for travel-related services as economic activity rebounded.

The consumer price index increased 0.5% last month after climbing 0.9% in June, the Labor Department said on Wednesday.

In the 12 months through July, the CPI advanced 5.4%.

Excluding the volatile food and energy components, the CPI rose 0.3% after increasing 0.9% in June.

The so-called core CPI rose 4.3% on a year-on-year basis after advancing 4.5% in June. Annual inflation rates have been lifted by the fading out of last spring's weak readings from the