(RTTNews) - Consumer price growth in the U.S. accelerated in line with economist estimates in the month of July, according to a report released by the Commerce Department on Thursday. The reading on inflation, which is said to be preferred by the Federal Reserve, also showed consumer prices rose 0.2 percent on a monthly basis in July, matching the uptick in June as well as economist estimates. The inflation readings were included in the Commerce Department's report on personal income and spending in the month of July.