The U.S. is experiencing some relief as consumer inflation eased slightly in July. According to the Labor Department's latest data, the annual inflation rate hit 2.9%—the smallest rise since March 2021. This is a positive sign for the Federal Reserve, which is considering cutting interest rates.
Breaking it down:
The Consumer Price Index (CPI) dropped from 3.0% in June to 2.9% in July.
Core inflation, which excludes food and energy prices, cooled to an annual rate of 3.2%.
The monthly inflation rate increased by 0.2%, aligning with expectations.
\"Today's report shows that we continue to make progress fighting inflation and lowering costs for American households,\" said U.S. President Joe Biden. \"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.\"
Stay tuned as the Federal Reserve evaluates these positive trends to decide on future interest rate adjustments. 🌟
