Cooling July Inflation Sets Stage for Fed’s September Rate Cut
Data marks the first time the CPI edges firmly below 3% since early 2021
By Sam Goldfarb
The consumer-price index rose 2.9% in July from a year earlier, the Labor Department said.
Inflation extended a run of cooler readings in July, sealing the case for the Federal Reserve to cut interest rates at its meeting next month.
The consumer-price index rose 2.9% from a year earlier, the Labor Department said Wednesday, the lowest reading since 2021 and slightly below economists’ expectations of 3%. Core inflation, which excludes volatile food and energy items, was 3.2%, also a three-year low.
In reality, the CPI is probably running at about 8% per year.
Where’s your data? Just can’t make a statement. Present your case. Anybody can just throw numbers out there. Prices feel higher: gas, meat, etc.
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