Consumers Continue To Be Hit With Rising Prices In Food, Energy, Vehicles, And More

Prices are on the rise again with July seeing a 0.5% increase according to the latest Consumer Price Index report from the Labor Department released on Wednesday.

The increase comes after a 0.9% spike in June and 5.4% growth over the last 12 months.

Consumer prices were up for shelter, food, energy, and new vehicles for the month.

The food index was up 0.7% as five of the major grocery store food indexes rose and food away from home increased 0.8%.

The food index was up 3.4% over 12 months ending in July, with price increases continuing for meats, poultry, fish, and eggs up 1.5%. Cereals and bakery product prices were up 1.2%, nonalcoholic beverages prices jumped 0.7%, and daily and related products rose 0.6%.

The prices of fruits and vegetables were the only major grocery store food group to fall in July, down 0.9% after rising 0.7% in June.

Consumer energy costs were also up as gasoline prices increased 2.4% for July. Natural gas was also up 1.7% in both May and June. Consumer electricity costs also increased 0.4% for the month after dropping 0.3% in June.

Recreation, medical care, and personal care prices advanced in July, but by a smaller percentage, seeing only a 0.2% growth for the month, which was less than in recent months.

July inflation dips also occurred for motor vehicle insurance as prices dropped 2.8% while airline fares fell slightly at 0.1%.

However, the all items index jumped 5.4% for the 12 months ending in July -- the same increase seen for the period ending in June. The index for all items less food and energy increased 4.3% over the last 12 months, while the energy index rose a significant 23.8%.

New vehicle prices were also on the rise in July, surging 5.4% over the last three months. Recreation prices were up 0.6% for the month, and medical care costs for consumers rose 0.3%, following a decline in May and June.

Inflation also occurred in education, communication, tobacco, and alcoholic beverages in July. Household furnishing and operations and apparel remained unchanged for the month.