US Inflation Eases to 3.4% in July, Meeting Market Expectations

The US inflation rate eased to 3.4% in July, meeting market expectations according to official figures from the Bureau of Labor Statistics.

This marks a slight decrease from June's annual inflation rate of 3.5%, while the monthly inflation rate rose to 0.1% last month compared to minus 0.4% in June.

The energy sub-index experienced the largest increase, with a 14.7% hike, followed by food inflation at 3%. The annual inflation rate peaked at 4.2% in May, surpassing its previous high in April 2023.