U.S. consumer prices rise 0.3% in July
The numbers: American households paid more in July for goods and services such as gasoline and rent to nudge inflation higher, but not enough to arouse any worries or discourage the Federal Reserve from cutting interest rates again soon.
Another closely watched measure of prices that strips out food and energy costs also rose 0.3% last month. The so-called core rate is viewed as a better source of underlying inflationary trendsWhat happened: The cost of gasoline rose in July during the height of the summer driving season, but prices have already begun to dip and that’s likely to result in a smaller increase in the CPI in August. Energy prices rose 1.3% last month.
After adjusting for inflation, hourly wages dipped 0.1% last month. They’ve increased a solid 1.3% in the past year, however. Not every economist is convinced prices will remain low if the U.S. stays out of recession, but the risks for now appear to be low.
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