US Inflation Cools to 29% in July
Key Takeaways from the July CPI Report
The Bureau of Labor Statistics released its July Consumer Price Index (CPI) report on Wednesday, revealing that consumer prices rose 29% over the past year, marking a slight decrease from June's 30% increase. Here are five key takeaways from the report:
1. Inflation Slows for the First Time Since 2021
The July CPI report shows that inflation is slowing for the first time since 2021. The 29% annual increase is the lowest since June 2021, indicating that price pressures are beginning to ease.
2. Core CPI Rises Less Than Expected
The core CPI, which excludes volatile food and energy prices, rose 33% on an annual basis in July, less than the expected 35% increase and the least since April 2021.
3. Good News for Consumers and Policymakers
The slowdown in inflation is good news for consumers who have been struggling with rising prices. It also gives policymakers more room to respond to the economic impact of the pandemic.
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