Inflation in July was unchanged from the previous month and below analysts’ expectations, the U.S. Bureau of Labor Statistics’ (BLS) monthly Consumer Price Index (CPI) report released Tuesday reveals. And, once again, inflation remained beneath the level President Donald Trump inherited when he took office on January 20.

Compared to 12 months early, CPI growth came in at 2.7% in July. While matching June’s 12-month increase, July’s results are below analysts’ forecast of 2.8%. July also extended the string to six straight months in which year-over-year inflation has been lower than the 3.0% increase recorded in President Joe Biden’s last month.

Month-to-month comparisons are even more favorable.

Consumer prices rose 0.2% from June, down from June’s 0.3% monthly rise and below the 0.3% increase analysts had predicted. Thus far, monthly CPI growth has been below the 0.5% level recorded in Pres. Biden’s last month in office in every month of Pres. Trump’s term, thus far.

Likewise, even though the so-called “core” inflation rate, which excludes volatile food and energy products, inched up to 0.3% from June (0.2%), it also continued to remain beneath January’s 0.4% increase.

In retrospect, the Consumer Price Index (CPI) rose nearly three times faster under Biden than during Trump’s first term. From January 2021 to January 2025, consumer prices increased 21.5%. From January 2017 to January 2021, the CPI rose 7.8%.

On a monthly basis, inflation averaged 1.9% under Trump (Feb. 2017-Jan. 2021), compared to 5.0% under Biden (Feb. 2021-Jan. 2025).

Photo By: Source: U.S. Bureau of Labor Statistics

Last month, the index for shelter rose 0.2% from June and was the primary factor in the all-items monthly increase. In contrast, the index for energy fell 1.1% in July as the index for gasoline decreased 2.2% over the month. The food index was unchanged over the month as the food away from home index rose 0.3%, while the food at home index fell 0.1%.

Compared to 12 months earlier: