Annual CPI Reported at 3.2% in July, Slightly Under Expectations
The U.S. Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for July, showing the index up 3.2% on the year. The latest data was slightly below expectations, which anticipated annual inflation to be 3.3% following a 3.0% rise in June.
July's figure snapped a 12-month string of easing inflation but remains well below its June 2022 peak of 9.1%—the highest rate in four decades.
On a monthly basis, inflation gained 0.2% in July, in line with expectations. The index for shelter was the largest contributor to the monthly all items increase, accounting for over 90% of the increase, according to the BLS...
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