Consumer prices in the United States held steady in July, as elevated inflation sweeps through the economy.

The consumer price index report (CPI) rose 2.7 percent over this time last year and follows a 2.7 percent increase in June, according to the Department of Labor report released on Tuesday. On a monthly basis, prices increased by 0.2 percent in July compared to 0.3 percent in June.

The data beat analyst expectations. Economists surveyed by Dow Jones expected a 2.8 percent increase on an annual basis.

The cost of energy dropped by 1.1 percent over the last 12 months. Petrol, in particular, led the decline with a 2.3 percent decrease for the year. Grocery prices fell by 0.1 percent, but the cost of eating out of the house increased by 0.3 percent. Shelter costs increased by 0.2 perce

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