WASHINGTON, D.C. — US consumer inflation eased slightly in July, according to government data published Wednesday (Thursday in Manila), its smallest 12-month increase since March 2021 and a positive sign for the Federal Reserve (Fed) as it weighs cutting interest rates.
WASHINGTON, D.C. — US consumer inflation eased slightly in July , according to government data published Wednesday , its smallest 12-month increase since March 2021 and a positive sign for the Federal Reserve as it weighs cutting interest rates.The consumer price index eased to 2.9 percent last month from a year ago, down slightly from 3.0 percent in June, the Labor Department said in a statement, while a measure that strips out volatile food and energy costs cooled to an annual rate of 3.
Energy prices remained unchanged, while the index for food rose 0.2 percent.So-called core inflation, excluding volatile food and energy prices, also eased last month to 3.2 percent — its lowest level since April 2021.The July CPI data are good news for the Fed as it weighs the right time to start bringing interest rates down from a 23-year high.
Consumer Inflation Eases In July
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