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Inflation rose slightly in July, as expected. But the annualized rate of inflation is down from June.
The Bureau of Labor Statistics (BLS) said on Wednesday that the consumer price index – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.1% on a monthly basis and is up 3.4% from a year ago.
Those figures were in line with the estimates of economists polled by LSEG. The monthly data follows a reading of negative 0.4% in June, while the annual figure is slightly cooler than last month's 3.5% reading.
The question now is what will happen with interest rates. The Federal Reserve is scheduled to meet on September 15th and 16th.