New data out Wednesday showed inflation cooled again in July.
The consumer price index increased 2.9% over the year ending in July, coming in cooler than the expected 3.0% increase and just lower than June’s 3.0% read. It’s the first time the inflation rate has been below 3% since March 2021, and it adds to the case that the Federal Reserve could cut interest rates at its next meeting.
Over the month, the consumer price index rose 0.2% in July. A small increase was expected after a decrease of 0.1% in June.
Core CPI, which excludes volatile food and energy prices, rose 3.2% for the 12 months ending July, following a 3.3% increase in June. A 3.2% increase was expected for July. This index rose 0.2% over the month from June to July, the same as the forecast of 0.2% and above the 0.1% increase in June.
The shelter index rose 5.1% over the year ending July, just under the …