US Inflation Eases In July
July consumer prices rose 0.1%, cooling annual inflation to 3.4% as the Fed weighs rates.
The reporting
A neutral summary of the key facts most sources agree on, drawn from reporting across the political spectrum.
U.S. consumer prices rose 0.1% in July, bringing annual inflation to 3.4%, down from 3.5% in June, the Bureau of Labor Statistics reported. Core CPI, excluding food and energy, increased 0.2% on the month and slowed to 2.5% over the year, indicating underlying price pressures cooled. Gasoline prices fell 2.9% from June while remaining 24.6% above year-earlier levels, and grocery costs slipped. Traders lowered odds of a September Federal Reserve rate hike after the in-line report.
Analysis & opinion
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Cooling InflationMostly Right
July’s inflation data were encouraging because price pressures appeared to be easing. The report supports confidence that inflation is cooling rather than flaring back up.
