Consumer Price Index Rises 0.5% in July

The consumer price index rose 0.5% in July as food and energy costs increased, the Labor Department said Thursday.

The upturn in the government’s main inflation gauge was more than double the 0.2% increase predicted by economists, Bloomberg reported.

The core CPI rate excluding food and energy rose 0.2%, which matched economists’ projections, Bloomberg said.

Almost 60% of the CPI covers prices consumers pay for services. If consumer prices are climbing, it could reflect an increase in demand for consumer goods, which increases the demand for trucking services.