Inflation milestone: Consumer Price Index slows below 3% for first time since March 2021
Consumer prices rose 2.9% for the 12 months ended in July, slowing from June’s 3% annual gain, according to the Bureau of Labor Statistics’ latest CPI report released Wednesday.
On a monthly basis, prices rose 0.2% after posting a 0.1% decline the month before.
Economists were expecting a 0.2% monthly increase and an annual rise of 3%, according to Fact Set consensus estimates.
This story is developing and will be updated.
The slowing annual inflation rate might influence various business strategies, requiring adjustments in pricing and forecasting. The current economic situation could also impact investment decisions within the broader business community.
