The price index for all consumer goods increased .3% during July – the most the price index has increased since last August when it climbed .4%, according to the consumer price index report released today from the Department of Labor.
Rises in the cost of energy are responsible for over two-thirds of the increase. The average price of energy increased 2.6% in July. Since July of 2009, energy prices have increased 5.2%, as the chart below shows. Additionally, gasoline prices jumped higher than any other consumer good in July with an increase of 4.6%.