Consumer Price Index Rises 0.3%

The consumer price index rose for the first time in four months in July, the Labor Department said Friday.

The 0.3% increase in the government’s main inflation gauge was the biggest in a year. The core CPI rate excluding food and energy rose 0.1%.

Economists had forecast both CPI to rise 0.2%, while the core increase matched projections, Bloomberg reported.

The CPI is the government’s broadest gauge of costs for goods and services. Almost 60% of the CPI covers prices consumers pay for services.

If consumer prices are climbing, it could reflect an increase in demand for consumer goods, which increases the demand for trucking services.