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The possibility of lowering interest rates in the United States during the next meeting of the Federal Reserve (Fedfor its acronym in English) in September gained momentum after official data reported a decline in inflation in July.
The consumer price index (CPI) fell to 2.9% year-on-year in July, down from 3% in June, the lowest level since March 2021, according to data published by the US Department of Labor.
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The CPI was slightly below the average established by economists surveyed by Dow Jones, Newswires and The Wall Street Journal.
However, prices rose 0.2% in the month-on-month comparison with June, after rising 0.1%. This trend is in line with analysts’ expectations, according to the MarketWatch consensus.
Core inflation, excluding variations in volatile food and energy prices, was 3.2% year-on-year, also in line with market expectations and slightly down from the previous month, when it stood at 3.3%.
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US President Joe Biden welcomed “progress” in the fight against inflation. “We still have work to do to reduce costs for American workers, but we are making real progress, with wages rising faster than prices over the past 17 months,” he said in a statement.
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2024-08-19 13:40:42