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Inflation Takes Chill Pill in July
Trent Grinkmeyer
August 10, 2023
Inflation slowed in July, with the Consumer Price Index (CPI) rising 0.2%, the same as in June.
Core inflation, which excludes volatile food and energy prices, also increased just 0.2% in both months.
This is good news for the Federal Reserve, which is trying to cool inflation without causing a recession.
The Fed may be close to pausing interest-rate increases after raising them at 11 of the past 12 central bank meetings.
Prices for housing, used cars, and hotel and flight tickets all declined in July.
However, energy prices rose by a slight 0.1%, which could put upward pressure on inflation in coming months.
Overall, inflation is still high, but it is starting to cool. This is good news for consumers, but it remains to be seen whether the Fed can engineer a soft landing for the economy.
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