US Inflation Records 8.5% in july
The Consumer Price Index in USA climbed 8.5 percent in July, a bigger slowdown than expected, but inflation may remain uncomfortably high for some time.
Inflation cooled in July as gas prices and airfares fell, a welcome reprieve for consumers and economic policymakers but not yet a conclusive sign that price increases are turning a corner.
The Consumer Price Index climbed by 8.5 percent in the year through July, compared to 9.1 percent the prior month, a bigger slowdown than economists had projected.
After stripping out food and fuel costs to get a sense of underlying price pressures, prices climbed by 5.9 percent through July, matching the previous reading.
On a monthly basis, the price index did not move at all in July. That’s because fuel prices, airfares and used cars declined in price, offsetting increases in rent and food costs.
Core inflation was also slower than economists had expected on a monthly basis, climbing by 0.3 percent. In June, that figure was 0.7 percent.
