July inflation numbers: Consumer prices rose by 8.5% year over year as the summer of inflation wears on
Inflation reached 8.5% in July, compared with a 40-year high of 9.1% in June, providing a measure of relief to consumers as gas prices drop.
Inflation reached 8.5% in July, compared with a 40-year high of 9.1% in June, providing a measure of relief to consumers as gas prices drop.
Economists surveyed by The Wall Street Journal had projected inflation in July to fall to 8.7%. On a month-to-month basis, the July Consumer Price Index reading was unchanged from June — meaning no price growth was registered. That compares with June's month-on-month increase of 1.3%.
In a note to clients Wednesday, Seema Shah, the chief global strategist at Principal Global Investors, said the latest inflation data were "all-out positive" for consumers.
"With last week's jobs report showing a still-very strong labor market, it seems like the US economy may have reached a goldilocks state," she said.
Still, price growth remains uncomfortably high, Shah added.
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