Wall Street

US inflation eases in July amid falling oil prices

Published by
The Bangkok Post

WASHINGTON: US inflation eased slightly in July, according to official data Wednesday, potentially taking pressure off the Federal Reserve to hike interest rates sharply while bringing a much-needed boost to President Joe Biden just months before crucial midterm elections. With energy costs dropping in recent weeks, the consumer price index dipped to an annual rate of 8.5% last month, the Labor Department reported, lower than markets were projecting. Fueled by aggressive consumer spending of pandemic savings, global supply chain snarls, domestic worker shortages and Russia’s war on Ukraine, in…

Read More

Share this Story
Load More Related Articles
Load More In Wall Street