Inflation surges to 5.6% |
News - Financial News | |||
Written by Hugh McManus | |||
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Inflation surged in July to an annual rate of 5.6% triggered by price increases in energy, food, transportation (airlines) and clothing. With the strengthening dollar and the softening price of crude oil, the rate of inflation is expected to moderate in August. While the consumer price increased (CPI) by 0.8% from June to July, the core rate, measures inflation by excluding price increases in food and energy, jumped by only 0.3%. Both figures were higher than the anticipated increase of 0.4% in the CPI and 0.2% in the core rate.
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