US inflation eases as food and fuel costs cool
US prices rose 3.4% in the year to July, slightly lower than the 3.5% in the year to June, new figures show. Energy remained volatile as the Middle East conflict has continued. While gasoline prices were down 2.9% in July compared to June, they were up 24.6% over the year. Month to month, inflation rose […] The post US inflation eases as food and fuel costs cool appeared first on The Ghanaian…
In July, US inflation eased slightly, with prices rising 3.4% compared to a 3.5% increase in June, according to new data released by the Bureau of Labor Statistics. Energy prices remained volatile due to ongoing Middle East conflict, with gasoline prices dropping 2.9% from June but soaring 24.6% year-over-year. However, inflation rose 0.1% month-to-month, primarily driven by a surge in housing costs, which constitute a significant portion of household spending.
Despite the overall decline, food prices only increased marginally in July and at a slower rate than in June, while energy prices fell, providing some relief for consumers. While inflation was marginally lower in July than in June, it signifies a slowdown rather than a decline in overall prices. Excluding food and energy, prices rose 0.2% in July, with medical care and airline tickets inching up, and car insurance continuing to decline.
Federal Reserve chair Kevin Warsh has emphasized that the central bank's primary objective is to "maintain inflation on a downward trajectory" while avoiding economy-disrupting disruptions. Warsh warned during a recent press briefing that the Federal Reserve cannot "magic away" years of above-target inflation and must exercise patience as price growth gradually subsides.
Written by urgent.news from The Chronicle Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
