Good news for your wallet! U.S. consumer inflation eased slightly in July, marking the smallest annual increase since March 2021. According to the Labor Department, the consumer price index (CPI) rose by 2.9% last month, down from 3.0% in June.
Even when removing the rollercoaster of food and energy costs, inflation cooled to an annual rate of 3.2%. The monthly inflation rate ticked up by 0.2%, aligning with expert expectations.
President Joe Biden shared his enthusiasm: \"Today's report shows that we continue to make progress fighting inflation and lowering costs for American households. 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.\"
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According to the Labor Department, the consumer price index (CPI) rose by 2.9% last month, down from 3.0% in June.
