From eggs to electronics to used cars, consumer inflation eased its grip on US households in July

The Associated Press

WASHINGTON (AP) – Inflation in the United States edged up in July after 12 straight months of declines.

But excluding volatile food and energy costs, so-called core inflation matched the smallest monthly rise in nearly two years, a sign that the Federal Reserve’s interest rate hikes have continued to slow price increases.

The inflation data showed that overall consumer prices rose 3.2% from a year earlier. That was up from a 3% annual rise in June, which was the lowest rate in more than two years.

The latest figure remained far below last year’s peak of 9.1%, though still above the Fed’s 2% inflation target.

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8/10/2023 12:32:39 PM (GMT -5:00)