Inflation slowed to 8.5% for the 12 months ending in July thanks to lower energy prices, according to the consumer price index, a welcome sign that price pressures might be peaking.
The much-anticipated numbers reported by the Bureau of Labor Statistics on Wednesday revealed that while it has fallen by 0.6 percentage points from the month before, annual inflation is still going strong despite the Federal Reserve's interest rate hikes and is near the worst it has been since the Great Inflation that helped bring President Ronald Reagan to office.The soaring inflation has eaten into President Joe Biden’s approval ratings as he and Democrats approach the midterm elections.
So-called core CPI, which strips out volatile food and energy prices, increased by 0.3% in July, slightly more than expected. The figure shows that inflation is still a huge concern for the Fed and for the average consumer. Last month’s rate hike came after the Fed hiked rates by the same massive margin in June and conducted two other rate increases in March and May.
“Unless other numbers change significantly, this report likely won't influence the Fed's decision in September. Make no mistake: Consumers are still hurting,” Claar said.
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