Cost of Living Sky-high Again for July 2022, CPI Rose 8.5%

The United States is experiencing high inflation again in July. According to the latest Bureau of Labor Statistics report, the Consumer Price Index (CPI) has risen 8.5% from July 2021 to July 2022.

With prices still rising across the board, there was some relief in the energy sector with a 4.6% price reduction from June (7.7% in gasoline). Overall, the unadjusted 12-month increase is still 32.9%.

From June to July, gasoline is 67 cents cheaper. This still has not lured drivers back to their normal driving habits per an August 8th AAA report.

“Core CPI” rose 5.9% annually and 0.3% monthly. This excludes volatile food and energy prices.

Just yesterday, economists surveyed by Dow Jones were expecting CPI to increase 8.7% annually and 0.2% monthly.

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As a certified credit counselor, Max Marvelous has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.