This closely watched inflation measure showed some cooling in July
By Alicia Wallace, CNN BusinessUpdated: Fri, 26 Aug 2022 12:38:38 GMTSource: CNN BusinessThe Fed's favored inflation indicator showed that prices took a breather in July as energy prices continue
By Alicia Wallace, CNN BusinessUpdated: Fri, 26 Aug 2022 12:38:38 GMT
Source: CNN Business
The Fed's favored inflation indicator showed that prices took a breather in July as energy prices continued to fall from record highs.
The Personal Consumption Expenditures price index rose by 6.3% for the year ended in July, down from the 40-year high of 6.8% reported in June.
The cooldown was largely expected: Energy prices dropped considerably last month. The July Consumer Price Index, another significant inflation barometer, also showed a slowing in price hikes.
This story is developing and will be updated.
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