U.S. inflation was unchanged in July as rising prices for some imported goods were balanced by falling gas and grocery prices, leaving overall prices modestly higher than a year ago.

The Labor Department’s consumer price index for July showed that the annual pace of inflation remained at 2.7 percent from July 2024. That’s the same as the annual rise reported in June and above April’s post-pandemic low of 2.3 percent, though it was just under economists’ expectations.