Consumer prices rose 3.4% over the year ending in July, down from 3.5% in June and marking the second consecutive month in which the annual U.S. inflation rate declined.
By yourNEWS Media Newsroom
The annual U.S. inflation rate moved lower for a second consecutive month in July, according to new federal data released Wednesday, with consumer prices rising 3.4% from a year earlier.
July’s 3.4% rate represented a slight improvement from the 3.5% annual inflation rate recorded in June, according to the latest Consumer Price Index report released by the Labor Department’s Bureau of Labor Statistics.
The decline extends the recent moderation in the annual rate of inflation, although prices across the economy continued to increase compared with the same period a year earlier.
The Consumer Price Index tracks changes in the prices consumers pay for a broad range of goods and services. The measure encompasses major household expenses and purchases across the economy, including food, energy and automobile insurance.
Wednesday’s report showed that the overall annual inflation rate declined by one-tenth of a percentage point between June and July, moving from 3.5% to 3.4%.
The July reading marks the second month in succession in which the annual inflation rate has fallen, providing the latest measure of how consumer prices are changing across the U.S. economy.
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