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WASHINGTON (APRO) – The US consumer price index continued to rise in July, which is why the country’s Department of Labor reported that the annual inflation rate is now 2.9%.
The average price of goods, services and basic necessities rose 0.2% in July last year, pushing up the annual inflation rate and sparking fresh speculation about the health of the U.S. economy.
News of rising inflation last month is bad news for the Federal Reserve’s prospects for adjusting short-term lending rates, considering that the macroeconomic index fell 0.2% in June this year.
The U.S. Department of Labor said that housing costs rose 0.4% in the seventh month of 2024, a macroeconomic data that the U.S. federal government attributed to a 90% increase in the country’s annual inflation rate.
As for food, the Labor Department reported that food prices rose 0.2% in July last year, compared with a 0.1% increase last month, while energy costs remained unchanged in the bimonthly period, falling 0.2%.
News of the growing inflation bubble could influence the Federal Open Market Committee, which will meet next September, to make a decision contrary to what experts predict; to keep interest rates unchanged.
The U.S. Labor Department noted that after excluding the value of food and energy products from inflation statistics, the annual inflation rate in July was 3.2%, the lowest level since April 2021.
The inflation situation in the United States is a hot topic during the US presidential election process; American voters tend to vote for candidates who can guarantee a health plan that will keep their pockets and expenses stable.
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