U.S. inflation cools to 3.4% in July as core CPI slips to 2.5%
AI Market Summary
July U.S. CPI eased to 3.4% y/y and core to 2.5%, reinforcing evidence that underlying price pressures are cooling despite gasoline and fuel oil remaining elevated. Combined with a weaker jobs report and downward revisions, markets may price a higher probability that the Fed holds rates at its next meeting, lowering front-end rate expectations. The main near-term transmission is via USD rates and FX repricing.
Impact level
● High
Affected assets
NCSIDXY2USD/USDT+0.20%
AI Insight · NCSIDXY2USD/USDTAI Insight
▲ Bullish
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U.S. consumer prices rose 3.4% in July from a year earlier, easing from 3.5% in June, Labor Department data show. Core inflation, which excludes food and energy, was 2.5% year over year, also lower than the prior reading. Energy prices fell 1.5% on the month, though gasoline remained up 24.5% from a year earlier and fuel oil rose more than 39%. Food and medical services costs each increased 2.7% year over year.
