The Consumer Price Index increased 0.2% on a seasonally adjusted basis, after declining 0.1% in June, the U.S. Bureau of Labor Statistics reported Wednesday.
“Overall Inflation fell below 3% in July for the first time in over three years. Monthly increases in both all items and core prices were consistent with expectations,” said America’s Credit Unions Senior Economist Dawit Kebede. “Both this data and the personal consumption expenditure index suggest that prices are moving toward the Fed’s target. This opens up the possibility to start cutting rates in September, potentially making more cuts before the year ends than just the one cut announced in June.”
