US consumer price growth unchanged for July

The Consumer Price Index (CPI) was unchanged last month after advancing 1.3% in June, the Labour Department said on Wednesday

Reuters
Published : 10 August 2022, 01:34 PM
Updated : 10 August 2022, 01:34 PM

US consumer prices did not rise in July due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years.

The Consumer Price Index (CPI) was unchanged last month after advancing 1.3 percent in June, the Labour Department said on Wednesday in a closely watched report that nevertheless showed underlying inflation pressures remain elevated as the Federal Reserve mulls whether to embrace another super-sized interest rate hike in September.

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