US Inflation Cools as Oil Prices Fall

The US personal consumption expenditures (PCE) price index for June rose by 3.7% from the previous year, according to data released by the US Department of Commerce on July 30.

This increase is in line with market expectations compiled by Dow Jones. However, the core PCE price index, excluding energy and food, rose by 0.1%, which fell short of the 0.2% forecast by experts.

The PCE price index had been increasing steadily since February due to higher global oil prices stemming from the US-Iran war. Recently, as oil prices have fallen, prices have decreased from the previous month.