U.S. Inflation Slows to 3.4% in July as Gas Prices Ease
Gasoline and energy prices fell as core inflation cooled to 2.5%, easing pressure on Federal Reserve policymakers before their September meeting.
- On Aug 12, the Labor Department reported consumer prices rose 3.4% in July from a year ago, down slightly from 3.5% in June.
- Lettuce prices plunged more than 16% last month after a recall of iceberg lettuce from Mexico, while falling gasoline and grocery prices offset rising rents and airfares.
- Stripping out volatile food and energy prices, "core inflation" was 2.5% for the 12 months ending in July, down from 2.6% in June.
- Market odds of a September rate hike fell below 40% after Wednesday's report, though gasoline prices remain more than a dollar higher than before the Iran-Strait of Hormuz conflict, according to AAA.
- Easing inflation provides welcome news for the Federal Reserve, which has committed to controlling prices, though policymakers will review another inflation report before gathering next month.
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