Consumer spending ekes up 0.3% in July
WASHINGTON — Growth in U.S. consumer spending slowed in July to a modest increase of 0.3%, while inflation over the past 12 months hit its fastest pace in three decades.
The rise had been 1.1% in June, the Commerce Department reported Friday.
Consumer prices over the past 12 months have risen 4.2%, the biggest 12-month gain since a 4.5% increase for the 12 months ending in January 1991.
