Prices rose at an annual rate of 2.9% in July, as inflation dipped below 3% for the first time since 2021
US annual inflation rate dipped below 3% in July for the first time since 2021, a relief to investors who are expecting the Federal Reserve to cut interest rates next month as a sense of unease has settled over Wall Street after signs of a cooling labor market.
Prices rose at an annual rate of 2.9% in July while core inflation, which does not account for the volatile food and energy industries, climbed 3.2% over the previous 12 months and 0.2% since June.
About Author
More Stories
Nigeria sues crypto giant Binance for $81.5bn in economic losses and back tax
‘I felt nothing but disgust’: Tesla owners vent their anger at Elon Musk
Chinese fishing fleets using North Korean forced labour in potential breach of sanctions, report claims