Consumer prices rose at a slower pace in July, increasing 3.4% over the past year – down from 3.9% in June, according to data released Wednesday by the Department of Labor. The consumer price index increased 0.1 percent in July compared with June.
The slowdown was driven by decreases in gasoline and grocery prices, as well as prescription drug costs, Breitbart reported. While inflation remains above pre-pandemic levels, the easing trend suggests it is less likely the Federal Reserve will raise interest rates in September, NPR noted.
Left-leaning outlets and right-leaning sources agree on these core facts: overall inflation decreased from June to July, and declines in gasoline, groceries, and prescription drugs contributed to that decrease. No right-leaning outlet was found to report this story beyond Breitbart.
The current rate of 3.4% represents a continued cooling from earlier peaks but remains significantly above the Federal Reserve’s 2% target. The extent to which these trends will influence future monetary policy decisions, particularly regarding potential interest rate adjustments, remains to be seen.
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