US July CPI Rose 3.4% as Trump Says Prices Are Dropping Fast
Updated
Updated · Yahoo Finance · Aug 18
US July CPI Rose 3.4% as Trump Says Prices Are Dropping Fast
2 articles · Updated · Yahoo Finance · Aug 18
Summary
July consumer prices rose 3.4% from a year earlier and 0.1% from June, showing inflation eased slightly but prices still increased overall.
Trump told an Ohio audience on Aug. 11 that prices were "dropping fast" and 401(k)s were the only thing going up, but the data point to slower inflation rather than broad price declines.
Gasoline fell 2.9%, grocery prices slipped 0.1% and car insurance dropped 0.3% in July, while shelter, health care and airline fares kept climbing.
The Federal Reserve still says inflation remains elevated versus its 2% goal and held rates at 3.5% to 3.75%, with three policymakers voting for a hike.
Inflation is far below its 9.1% peak in June 2022, but the overall price level remains high enough to keep pressure on household budgets.