U.S. consumer inflation eased slightly in July, marking its smallest 12-month increase since March 2021 and offering a positive signal for the Federal Reserve as it considers cutting interest rates.
The Consumer Price Index (CPI) rose to 2.9 percent last month, down from 3.0 percent in June, according to a statement from the Labor Department. Additionally, a measure excluding volatile food and energy costs cooled to an annual rate of 3.2 percent.
While the monthly inflation rate increased by 0.2 percent after a decline in June, this uptick aligns with market expectations.
“Today's report shows that we continue to make progress fighting inflation and lowering costs for American households,” U.S. President Joe Biden said in a statement. “We have more work to do to lower costs for hardworking Americans, but we are making real progress, with wages rising faster than prices for 17 months in a row,” he added.
Reference(s):
U.S. consumer inflation sees smallest annual rise since 2021
cgtn.com
