July’s Price Index Rise Exceeds Forecast

Rising oil prices pushed up the U.S. consumer price index rose last month 0.5 percent, a bit higher than expected, the Labor Department reported Tuesday.

Economists had expected the index to rise in July by 0.4 percent.

Energy costs advanced sharply, increasing 3.8 percent in July after falling 0.5 percent in June. Within energy, the index for petroleum-based energy rose 6.1 percent in July.

Apart from the typically volatile food and energy costs, July’s price index rose a modest 0.1 percent, its third consecutive monthly increase.

A decline in new vehicle prices — down 1.0 percent in July — was more than offset by increases in the indexes for airline fares and for lodging away from home.