CPI increases 0.8 percent in July

WASHINGTON, Aug. 14 (UPI) -- The rate of rising U.S. consumer prices slowed in July from from a month ago but still came in double the rate economists had forecast, the government said.

The Consumer Price Index rose 1.1 percent in June and slowed to 0.8 percent in July. Economists had predicted prices in July would rise 0.4 percent.

Energy prices continued to push the inflation rate, gaining 4 percent in the month after a 6.6-percent jump in June.

Natural gas prices pushed up 7.4 percent in July, while gasoline costs rose 4.1 percent. Analysts expect the recent six-week drop in crude oil prices won't show up in the inflation figures until August.

Food prices gained 0.9 percent in July, slightly faster than June's hike of 0.8 percent.

Core inflation, which excludes food and energy prices, rose 0.3, equal to June's rate. In the core figure, apparel rose 1.2 percent, medical care 0.1 percent and transportation 1.7 percent.