Americans are feeling more pain in their wallets as prices for consumer goods in the United States continued to rise in July, but the increases were not as steep as the previous month, signalling that the nation may have seen the worst of the blistering inflation that has characterised the economy's recovery from COVID-19.
Prices for the all items basket of consumers goods and services tracked by the US Bureau of Labor Statistics rose 0.5 in July from the previous month, as prices for food, energy, new vehicles and shelter continued to march upward.
But prices in July did not climb as steeply as they did in June when they rose 0.9 percent from the month before.
During the past 12 months, prices in the all items index rose 5.4 percent in July. That is unchanged from June which saw the sharpest annual increase since 2008.
Americans have been shelling out more for food, cars, dining out and other goods and services this year as climbing vaccine rates, COVID restriction rollbacks, and government stimulus money work in tandem to coax consumers out of pandemic hibernation.