WASHINGTON — Year over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September.
The Labor Department report Wednesday showed consumer prices rose just 0.2% from June to July after dropping slightly the previous month.
Measured from a year earlier, prices rose 2.9%, down from 3% in June. It was the mildest gain since March 2021.
The government said almost all of July's inflation reflected higher rental prices and other housing costs, a trend that, according to real-time data, is easing.
DRUG PRICES: The Biden administration said Thursday that drug price negotiations will knock hundreds of dollars off the list prices of 10 of Medicare's most popular and costliest drugs. The discounts, agreed to after months of negotiations with drug manufacturers, range between 38% and 79% on the medication's list price
MAROONED ASTRONAUTS: NASA said this week it's still deciding if it will keep two astronauts at the International Space Station until early next year and send their troubled Boeing capsule back empty. Butch Wilmore and Suni Williams have been stuck at the station since early June.
CARIBBEAN: Tropical Storm Ernesto strengthened into a hurricane this week as it dropped torrential rain on Puerto Rico and left thousands without power or water.
Home Depot's same-store sales down
Annual US inflation falls to 3-year low
Advisor News
- What advisors need to know about the life settlement boom
- Report: Many Americans paying up to 45% of annual income on auto loans
- Latest state budget raises taxes on Californians, ignores voter priorities
- What advisors and clients must know about Roth conversions
- Worker retirement confidence dips to lowest level in a decade
More Advisor NewsAnnuity News
- Globe Life Inc. (NYSE: GL) Making Surprising Moves in Tuesday Session
- Why annuities are gaining traction with younger investors
- Best’s Special Report: U.S. Life/Annuity Industry Sees Bottom-Line Growth Despite 18% Decline in Total Income in First-Quarter 2026
- Globe Life Inc. (NYSE: GL) Records 52-Week High Thursday Morning
- Fortitude Re Completes $500 Million FABN Issuance
More Annuity NewsHealth/Employee Benefits News
- Goliad council delays engineering decisions, approves employee health plan renewal
- Roberts Disability Law Sues Unum Life Insurance Company of America on Behalf of Disabled Valero Refinery Operator for Allegedly Underpaying Long-Term Disability Benefits
- Judge allows UnitedHealth 401(k) forfeiture lawsuit to proceed
- 77% of caregivers are drowning in costs
- While Mainers still reeling from health insurance hikes, insurers propose more
More Health/Employee Benefits NewsLife Insurance News
- Roberts Disability Law Sues Unum Life Insurance Company of America on Behalf of Disabled Valero Refinery Operator for Allegedly Underpaying Long-Term Disability Benefits
- Avoid the ‘summertime slump:’ Strategies to remain productive
- Globe Life Inc. (NYSE: GL) Making Surprising Moves in Tuesday Session
- Symetra Partners with PlanSource to Streamline Workforce Benefits Administration
- Royal Neighbors of America achieves record growth
More Life Insurance News