July US Inflation Rebound Falls Short of Expectations

US consumer prices inched up 0.1% in July, according to the Labor Department's Bureau of Labor Statistics. This is a slight rebound from June's 0.4% decline, which was the first drop in six years.

The Consumer Price Index (CPI) increased by 3.4% over the past 12 months, down from 3.5% in June. Excluding food and energy components, core CPI rose 2.5% year-over-year after a 2.6% gain in June.

Economists polled by Reuters had forecasted a 0.1% rebound for CPI and a 0.2% increase for core inflation, which aligns with the reported figures.