up up and away
Inflation surges in July as energy prices shoot higher
From wire reports
WASHINGTON — Consumer prices shot up in July, reflecting sharply higher prices for gasoline and other energy products. But new-car prices fell by the biggest amount in 30 years, helping to keep underlying inflation pressures tame.
The Labor Department reported Tuesday that its closely watched consumer price index rose 0.5% in July, the biggest rise in three months. In July, overall inflation was driven higher by a big 3.8% jump in energy costs.
However, outside of food and energy, prices remained well-behaved.