The data, released Friday, revealed that consumer prices increased 2.9 percent in July from the year before, meaning Americans may be earning less than they did at this time last year.

The consumer price index, meanwhile, rose 0.2 percent last month, which analysts largely attributed to rising housing costs, CNBC reported. Annual inflation remained unchanged from June's pace at 2.9 percent.

Energy, medical care and apparel costs dropped in July, while food prices ticked up.