US headline inflation in July increased slightly since June, strengthening the case for the Federal Reserve to hold interest rates steady at its next meeting in September.
The Bureau of Labor Statistics on Thursday reported that the consumer price index (CPI) rose 0.2 per cent month on month, matching June’s increase. The annual rate climbed to 3.2 per cent in July from the previous month’s 3 per cent figure, which marked the slowest pace since March 2021.
The slight rise in the annual headline rate does not suggest a true acceleration in inflation, but instead reflects so-called base effects related to soft data in July 2022.
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