U.S. Inflation Tame Despite Food Price Rises

@AFP
U.S. Inflation Tame Despite Food Price Rises

Washington (AFP) — Consumer prices in the United States rose a bare 0.1 percent in July despite strong gains in food costs, the Labor Department reported Tuesday.

The slowdown in consumer inflation after three months of faster gains left the year-on-year consumer price index (CPI) up 2.0 percent, a level the Federal Reserve’s monetary policy makers have regarded as non-threatening.

Food prices were up 0.4 percent in the month, continuing a high pace of increases since February which are hitting American shoppers in the wallet. Food costs were 2.5 percent higher than a year ago.

But offsetting that has been a fall in energy prices, with gasoline prices now 0.8 percent down from a year ago.

Less energy and food, both more volatile components of the index, CPI was up 0.1 percent for the month and 1.9 percent over 12 months.

AFP Photo/Frederic J. Brown

Interested in economic news? Sign up for our daily email newsletter!</em>

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

History And Terror In The Skies Over Israel

Anti-missile system operating against Iranian drones,seen near Ashkelon, Israel on April 13, 2024

Photo by Amir Cohen/REUTERS

Iran has launched a swarm of missile and drone strikes on Israel from Iranian territory, marking a significant military escalation between the two nations. Israel and Iran have been engaged in a so-called shadow war for decades, with Iranian proxies like Hezbollah rocketing Israel from Lebanon and Syria, and Israel retaliating by launching air strikes on Hezbollah missile sites. Israel has also launched strikes on Iranian targets in other countries, most recently an airstrike on part of the Iranian embassy in Damascus, Syria, which killed several top Iranian “advisers” to its military, including Mohammad Reza Zahedi, a senior officer in Iran’s Quds Force, an espionage and paramilitary arm of Iran’s army.

Keep reading...Show less
Whose Votes Does Biden Need To Win -- Hard Left Or Haley Republicans?

President Joe Biden

How A Dire Shortage Of Poll Workers Threatens Our Democracy

Barack Obama got it right. He refused to be held captive to his party's left wing. He adopted a strenuous policy of border enforcement, even as some Latino activists threatened to withhold their support for him. He had tense relations with Israeli leader Benjamin Netanyahu, but when anti-Israel protesters interrupted a Biden fundraiser over the Gaza conflict, Obama reprimanded them: "Here's the thing, you can't just talk and not listen." And the hall broke into applause.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}