Inflation

US Inflation Rate Slows to 2.9 Percent as Shelter, Motor Vehicle Insurance Remain High

Core inflation also dipped in July to 3.2 percent.
US Inflation Rate Slows to 2.9 Percent as Shelter, Motor Vehicle Insurance Remain High
A customer shops at a Safeway store in San Francisco, Calif., on June 11, 2024. Justin Sullivan/Getty Images
Andrew Moran
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The U.S. annual inflation rate slowed for the fourth consecutive month in July and came in below market forecasts, raising the odds of the Federal Reserve cutting interest rates in September.

The consumer price index (CPI) eased to 2.9 percent last month, from 3 percent in June, according to the Bureau of Labor Statistics (BLS). The consensus estimate was 3 percent.
Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."