U.S. Inflation Holds Steady at 3.7 Percent in July

The U.S. inflation rate held steady at 3.7 percent in July, according to data released by the Commerce Department on Wednesday.

This figure slightly exceeds expectations and remains stubbornly above the Federal Reserve's long-stated 2-percent target.

The personal consumption expenditures (PCE) price index increased by a seasonally adjusted 0.2 percent for the month, with core PCE inflation rising by 0.2 percent and reaching a 3.3 percent year-over-year increase.