U.S. Inflation Slows to 3.4% in July as Gas Prices Ease
Gasoline and energy prices fell as core inflation cooled to 2.5%, easing pressure on Federal Reserve policymakers before their September meeting.
- On Aug 12, the Labor Department reported consumer prices rose 3.4% in July from a year ago, down slightly from 3.5% in June.
- Lettuce prices plunged more than 16% last month after a recall of iceberg lettuce from Mexico, while falling gasoline and grocery prices offset rising rents and airfares.
- Stripping out volatile food and energy prices, "core inflation" was 2.5% for the 12 months ending in July, down from 2.6% in June.
- Market odds of a September rate hike fell below 40% after Wednesday's report, though gasoline prices remain more than a dollar higher than before the Iran-Strait of Hormuz conflict, according to AAA.
- Easing inflation provides welcome news for the Federal Reserve, which has committed to controlling prices, though policymakers will review another inflation report before gathering next month.
264 Articles
264 Articles
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No surprises. More time. That’s what July’s inflation report delivered to the Federal Reserve on Wednesday. The Bureau of Labor Statistics’ latest Consumer Price Index update showed the broad gauge of goods and services costs rose 3.4% year-over-year. That was exactly in line with Wall Street’s expectations, and might mean another month of waiting and seeing if the Fed is done with its wait-and-see approach to prices. Bond Theme “The big surpris…
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