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US core CPI growth fastest in decade

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US core CPI growth fastest in decade

Annual growth in headline consumer prices remained stable in July from June, though core consumer prices topped market estimates, rising by their quickest pace in a decade.

The U.S. headline consumer price index grew 2.9% year over year in July, unchanged from the annual increase in June and in line with analyst expectations. On a monthly basis, consumer prices grew 0.2% in July, also in line with estimates, compared with a 0.1% increase in the prior month.

Prices for shelter rose 0.3% month over month, while the food index ticked up 0.1%. Energy prices declined 0.5%.

Core prices, which exclude food and energy, grew 2.4% year over year in July, exceeding market expectations for a 2.3% rise, compared with an annual growth of 2.3% in June. The July print was the largest 12-month growth since September 2008.

In monthly terms, core prices ticked up 0.2%.

The core personal consumption expenditure price index, the U.S. Federal Reserve's preferred inflation gauge, registered 1.9% year-over-year growth in June.

The Fed, which held its key rates steady last week, may raise rates two more times in 2018.