The US consumer price index rose by 8.5 per cent year on year in July, a slower annual increase compared with June, as inflationary pressures eased on the back of lower petrol prices.
The CPI data released on Wednesday will raise hopes that the pace of price rises in the world’s largest economy has peaked and has started to decelerate, which will be of comfort to both the Federal Reserve and the Biden administration.
According to the figures, there was no increase in the CPI between June and July, compared with a 1.3 per cent monthly rise recorded a month ago. On an annual basis, the growth in the CPI fell back from a 9.1 per cent increase in June.
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