Consumer prices unchanged in July as gasoline costs tumble

Consumer prices cooled in July as the cost for gasoline fell sharply, helping to keep inflation in check.

The consumer-price index, which measures prices paid by Americans for major consumer items, was unchanged in July on a seasonally adjusted basis, the Labor Department said Tuesday. The latest data will likely temper talks of escalating inflation. The CPI had risen in four previous months, including 0.2% in June.

Excluding food and energy prices, which are considered more volatile, consumer prices rose 0.1% in July, the smallest increase since March.

Total energy costs fell 1.6% as the cost off all types of gasoline tumbled 4.7%.

Food costs were unchanged in July. But the food at home index, reflecting grocery store prices, declined 0.2%. Prices for food away from home, or restaurant purchases, rose 0.2%.

The shelter index, which indicates housing prices, rose 0.2%, its smallest increase since March.

Prices for medical care, new vehicles, and motor vehicle insurance also increased. But consumers paid less for airline fares, used cars and trucks, communication, and recreation in July.