America In Focus: Inflation cools in July, but so do consumers with their spending
Summary
Inflation in the United States slowed down slightly in July, with consumer prices rising 3.4% compared to last year. However, spending by Americans dropped unexpectedly in July, possibly because a temporary boost from tax refunds ended.Key Facts
- Consumer prices rose 3.4% in July from a year ago, down from 3.5% in June.
- Inflation is still higher than before the Iran war began in February 2024, when it was 2.4%.
- Monthly price increase from June to July was only 0.1%.
- Retail sales fell 0.6% in July, the largest drop since May 2025.
- Excluding gas stations and auto dealers, retail sales declined 0.2% in July.
- Sales of existing U.S. homes dropped 1.7% in July but remained slightly above expectations.
- The median home price rose 2% compared to last year, reaching $434,100.
- Wholesale inflation slowed to a 4.7% increase over the past year, down from 5.5% in June, with monthly prices stable from June to July.
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