Consumer Prices Spike to 17-Year High

Updated from 9:06 a.m. EDT.

Consumer prices increased 0.8% in July, doubling the consensus estimate of economists and hitting a 17-year high, according to data released by the Labor Department.

On a seasonally adjusted basis, the rise in the consumer price index for all urban consumers was driven primarily by a 4% spike in energy costs due to soaring crude oil and gasoline costs. Food prices also contributed to inflation, jumping 0.9%

Economists had expected a 0.4% increase in seasonally adjusted CPI for July. The measure has increased 1.1% in June and 5.6% over the past year. ...