The U.S. Labor Department recently published the latest Consumer Price Index summary that discloses that the cumulative inflation rate in the United States for the past twelve months has reduced, in contrast to the 40-year high record that the country has faced.
Though the inflation rate may have dipped slightly in July, it is still close to a four-decade high. This is a drop from the 9.1% rate recorded in June, which earned it the title of the month with the fastest inflation rate in the last forty years.
According to the Consumer Price Index summary, the monthly Consumers Price Index (CPI) in July for All Urban Consumers remained the same from the previous month of June, despite a 1.3% increase in June.
The CPI measures how much people pay for goods and services. The CPI for energy fell by 4.6%, while the CPI for gasoline fell by 7.7%.
Though the CPI for some items has decreased, the CPI for food has increased by 1.1%. The annual CPI of food increased by 10.9 percent.
This comes after the U.S. Federal Reserve raised interest rates in June and July to combat the post-pandemic economy’s reliance on government stimulus and low-interest rates.
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