Consumer prices in the US rose at the slowest pace in more than three years last month, despite upticks in housing, food and car insurance costs.
Overall, prices rose 2.9% over the 12 months to July, the smallest annual increase since March 2021 and down from 3% in June, the Labor Department said.
The monthly inflation report was being closely watched after signs of weaker-than-expected jobs growth in July sparked stock market turmoil and recession fears earlier this month.
Analysts said the latest figures provided enough evidence that price increases are cooling to keep the US central bank on track to cut interest rates at its meeting next month, as expected.
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