Rent, medical costs drive year-over-year inflation

COLUMBIA, Mo. (KMIZ)

Increases in rent and medical costs drove Midwest inflation in July compared to the year before, but prices for food and energy fell for the month, according to the Bureau of Labor Statistics.

Year-over-year inflation in the Midwest, including Missouri, was up 2.6% in July, the bureau stated in a news release Tuesday. That increase was driven largely by a 5.1% increase in home ownership costs, a 3.6% increase in medical costs and a 5% increase in rent.

Those increases were balanced by falling food and energy prices that pegged inflation at just 0.2% compared to June. Natural gas and gasoline prices decreased, while electricity prices were up in July, according to the release.

Food prices were down 0.2% compared to June. Grocery prices fell 0.5% while food consumed away from home increased 0.3%.

Energy and food prices were all higher compared to last year, with natural gas prices rising 14.6% during that time.

The Midwest numbers were similar to those reported nationally, with prices up 0.2% compared to June and 2.7% compared to the year before.