27 minutes ago WASHINGTON (Reuters) - Consumer prices rose at twice the rate expected in July to post the fastest rate of year-over-year growth in 17-1/2 years, pushed up by costlier energy and food, a government report on Thursday showed.The Labor Department said the Consumer Price Index, considered a key gauge of inflation, rose 0.8 percent in July after a 1.1 percent jump in June. That was far above the 0.4 percent gain that economists polled by Reuters had forecast for July.
Prices were up 5.6 percent from a year ago, the sharpest year-over-year rise since 5.7 percent in January 1991. That was also well above the 5.1 percent increase that economists had forecast.
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