WASHINGTON — Yearover-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.
Vance backs Trump on Fed
Inflation: What costs more (and less)?
Advisor News
- 6 in 10 Americans struggle with financial decisions
- Trump bets his tax cuts will please Las Vegas voters on his swing West
- Lifetime income is the missing link to global retirement security
- Don’t let caregiving derail your clients’ retirement
- The ‘magic number’ for retirement hits $1.45M
More Advisor NewsAnnuity News
- Annuity industry grapples with consolidation, innovation and planning shifts
- Human connection still key in the new annuity era
- Lifetime income is the missing link to global retirement security
- ‘All-weather’ annuity portfolios aim to sharply limit rainy days
- Annuity income: The new 401(k) standard?
More Annuity NewsHealth/Employee Benefits News
- Gyde Acquires Benavest to Expand AI-Powered Brokerage Platform and Accelerate Consumer Health Insurance Growth
- Navigator cuts leave Americans with less help to find Obamacare plans
- Health care deductibles could double, triple after School Board vote
- Trump admin seeks health-care price transparency
- OID approved in effort to make health coverage more affordable
More Health/Employee Benefits NewsLife Insurance News
- National Life Group Releases its 2025 Annual Report and Business Highlights
- Is life insurance through an employer enough?
- Best’s Market Segment Report: Australia’s Non-Life Insurance Segment Navigating Growth in a Volatile Landscape
- AI and life insurance: Fast today, unpredictable tomorrow
- Judge allows PHL policyholders to intervene, denies ‘premium holiday’
More Life Insurance News