Recent data released by the U.S. government indicates a slight easing of consumer inflation in July, marking its lowest 12-month increase since March 2021. The consumer price index (CPI) dropped to 2.9 percent from a year ago, down marginally from June’s 3.0 percent, with a measure excluding food and energy costs also decreasing to an annual rate of 3.2 percent.
In terms of monthly inflation, there was a 0.2 percent uptick following a decline in June, aligning with expectations. U.S. President Joe Biden acknowledged this progress in battling inflation, emphasizing the importance of lowering costs for American households. He highlighted the consistent rise in wages outpacing price increases over the past 17 months, indicating a positive trend for the economy.