US Inflation Hits 3.7%, Fueling Rate Hike Speculation

The US inflation rate held steady at 3.7% in July, according to data released by the U.S. Bureau of Economic Analysis. This is higher than the expected 3.6% increase predicted by economists.

On a monthly basis, the Personal Consumption Expenditures (PCE) price index rose 0.2% in July, surpassing the anticipated 0.1% increase. In June, the PCE price index had declined by 0.1%.