US consumer inflation slows in July as energy prices briefly retreat
Summary
In July, U.S. consumer inflation rose slightly by 0.1% compared to June but was 3.4% higher than a year ago. Energy prices dropped briefly, helping slow inflation, but they remain much higher than last year due to ongoing issues in the Strait of Hormuz, which affects oil shipping and prices.Key Facts
- Consumer inflation increased 0.1% from June to July and was 3.4% higher than last year.
- Energy prices fell 1.5% in July but rose 14.7% over the past year.
- The Strait of Hormuz remains blocked after Iran set up a maritime checkpoint amid conflict involving the U.S. and Israel.
- Brent crude oil prices fell 7% last week but recently rose slightly to about $89 per barrel.
- Gasoline prices dropped 2.9% from last month but went up 39.1% from a year ago, averaging about $4.03 per gallon.
- Food prices went up 0.1% in July and 3% compared to last year.
- The U.S. economy lost 23,000 jobs in July, mainly in retail, local government, and hospitality, while healthcare jobs grew.
- The Federal Reserve kept interest rates steady in July at 3.50–3.75%, with debate about raising rates in September.
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