Consumer prices rise 5.4% annually in July

U.S. consumer price gains remained hot as the economic recovery continued to take hold. 

The Labor Department said Wednesday that consumer prices rose 5.4% year over year in July, matching the prior month's gain as the fastest since August 2008.  

Prices increased 0.5% last month, slowing from June’s 0.9% increase. Analysts surveyed by Refinitiv were expecting a 0.5% gain. 

Core prices, which exclude food and energy, rose 0.3% month over month and 4.3% annually. In June, core prices increased 0.9% and 4.5%, respectively.