Inflation showed signs of easing in July, due to the fall in gas prices while the cost of other categories of items remained flat.
The Consumer Price Index was unchanged during the month, and at a rate of 8.5% over the past 12 months. The latter figures was 9.1% in June.
The latest figures, from the Bureau of Labor Statistics, are welcoming news for the Federal Reserve, in the midst of an effort to curb price increases but not send the economy back into a recession.
The index tracking the price of gasoline fell 7.7%. That offset some of the increases elsewhere, including the cost of food. There also were increases in medical care, motor vehicle insurance, household furnishings and operations, new vehicles and recreation. Other declines were seen in airline fares, used cars and trucks, communication and apparel.
Taking out food and energy costs, the index rose by 5.9% over the last 12 months.
More to come.
Must Read Stories
Potential Golden Globes Return To NBC In 2023 “Not A Done Deal”
Disney Adds More Marvel, Disney+, ‘The Simpsons’ & ‘DWTS’ To Sold-Out September Event
Kenan Thompson To Host 2022 Emmy Awards On NBC & Peacock
Margaret Qualley, Geraldine Viswanathan Lead Ethan Coen’s First Solo Directing Outing
Read More About:
Source: Read Full Article