US Consumer Inflation Slows to 3.4 Per Cent in July

US consumer inflation slowed to 3.4 per cent in July, giving the Federal Reserve some breathing room on interest rates.

The Consumer Price Index (CPI) rose 0.1 per cent from a month earlier but fell on a year-on-year basis, according to data released by the US Bureau of Labor Statistics on August 12.

This figure is in line with economists' expectations and suggests that inflation may be easing after surging since the pandemic hit over five years ago.

Energy prices, however, continued to lead the way in terms of price increases, with petrol up 24.6 per cent from a year ago and fuel oil up 39.1 per cent.