US consumer inflation slows in July, but gas prices still rising eNCA
However, overall inflation came in at a slower pace than the prior month as some impacts of the pandemic shutdowns appeared to dissipate, according to government data released Wednesday.
Gas prices jumped 2.4 percent compared to June and spiked 41.8-percent compared to July 2020, the report said. But the recent OPEC+ agreement to increase output is"simply not enough" to fully offset cuts imposed during the pandemic, he said. Sullivan's statement comes three weeks after the OPEC+ group unveiled an agreement to boost output by 400,000 barrels per day each month from August.- Prices peaked -
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