U.S. Inflation Eases to 3.4% in July as Core CPI Slows to 2.5%

U.S. consumer prices rose 0.1% in July and 3.4% from a year earlier, according to new Bureau of Labor Statistics data, while core inflation excluding food and energy increased 0.2% monthly and 2.5% annually. The annual core rate declined from 2.6% in June and matched its slowest pace since March 2021, while energy prices remained 14.7% above year-ago levels.

• Headline CPI slowed to 3.4% year-over-year from 3.5% in June.
• Core CPI rose 0.2% in July and 2.5% over the past 12 months.
• Energy prices fell 1.5% during July, including a 2.9% decline in gasoline, but remained up 14.7% year-over-year.
• Shelter rose 0.1% and accounted for roughly two-thirds of the monthly increase in headline CPI.
• Food rose 0.1%, while grocery prices declined 0.1% and restaurant prices increased 0.3%.
• Real average hourly earnings fell 0.1% in July and were 0.2% lower than a year earlier.

Relevant Companies

None found

Editor’s Note: This is a developing story. This article may be updated as more details become available.