The cost of living in the U.S. rose in July for a third month, supporting the Federal Reserve’s forecast that inflation will move closer to its target.
The consumer-price index increased 0.2 percent after a 0.5 percent gain in June, Labor Department figures showed today in Washington. The advance matched the median forecast of 82 economists surveyed by Bloomberg. The core measure, which excludes food and fuel, also climbed 0.2 percent from June.
Fed policy makers have said they will watch inflation figures closely to ensure the U.S. doesn’t slip into a prolonged period of diminishing increases, or disinflation, that would damage the recovery.
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