US Inflation Rate Stays Above Target Despite Oil Price Volatility

The US inflation rate for July was reported at an annualized rate of 3.4%, matching economist expectations.

This marks the 64th consecutive month that inflation has been above the central bank's target of 2%.

Economists attribute the current elevated inflation reading to higher crude oil prices, exacerbated by tensions in the Middle East.

Brent crude oil is currently trading at $89.24 per barrel, which may continue to drive up inflation.