US inflation slows to 3.4% in July
The US consumer price index (CPI) rose 3.4% year on year in July, slowing from the previous month but remaining above the Federal Reserve’s 2% target, according to data released Wednesday by the Bureau of Labor Statistics.
CPI inched up 0.1% month on month (MoM), following a 0.4% decline in June, the largest monthly drop in six years.
Despite fuel prices falling 2.9% MoM in July, they remained 24.6% higher than in the same month last year.
The data point to a slight easing in US inflationary pressures in July, which could encourage the Federal Reserve to refrain from raising interest rates amid weakness in the labor market.
Change in CPI — July 2026 (%)
|
CPI |
Estimates |
June |
July |
Change |
|
Core / YoY |
2.5 |
2.6 |
2.5 |
(0.1) |
|
Core / MoM |
0.2 |
0.0 |
0.2 |
+0.2 |
|
Headline / YoY |
3.4 |
3.5 |
3.4 |
(0.1) |
|
Headline / MoM |
0.1 |
(0.4) |
0.1 |
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