US consumer prices rise moderately in July; weekly jobless claims above expectations

WASHINGTON – US consumer prices increased moderately in July amid lower costs for goods, including used motor vehicles, a trend that could persuade the Federal Reserve to leave interest rates unchanged in September.

Annual consumer prices have come down from a peak of 9.1 per cent in June 2022. The Fed has a 2 per cent inflation target. “While headline inflation has made quick work of getting back to low single digits, the year-over-year pace is likely to get stuck around 3 per cent through the end of the year. This would keep a sustained return to the Fed’s target in the distance.”

Core inflation was curbed by a second straight monthly drop in prices of used cars and trucks. Though rental costs continued to climb last month, the pace has slowed from January, with a further moderation expected in the second half of this year through 2024.

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