0.2% last month, matching the gain in June, the Labor Department said on Thursday. The CPI climbed 3.2% in the 12 months through July, up from a 3.0% rise in June, which was the smallest year-on-year gain since March 2021.
Excluding the volatile food and energy categories, the CPI gained 0.2% in July, the same as the increase in June. In the 12 months through July, the core CPI grew 4.7% after rising 4.8% in June. "Markets are doubling down on 'soft landing' bets this morning after U.S. consumer inflation slowed as expected, reducing the need for further monetary tightening from the Federal Reserve," wrote Karl Schamotta, chief market strategist, at Corpay, in a research note after the data.
A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 248,000 for the week ended Aug. 5. Economists had forecast 230,000 claims for the latest week.========================================================Our Standards: