In the United States, inflation slowed more than expected in July mainly due to the fall in the price of gasoline, although the former remains at a very high level, which could prompt the Federal Reserve (Fed) to strongly raise rates of interest again.
Consumer prices reached 8.5% in July, according to the Consumer Price Index (CPI), published today Wednesday by the Department of Labor.
And in the month inflation is zero. This means that prices, against all expectations, have not increased compared to June.
The CPI was unchanged after rising 1.3% in June, the Labor Department said in a report that showed underlying pressures remain high as the Fed considers raising interest rates again in September.
Many economists had expected a 0.2% rise in the monthly CPI in July, following a drop of around 20% in the cost of gasoline.
Gasoline prices soared during the first half of this year due to the war in Ukraine, reaching a record average of more than $5 a gallon in mid-June, according to motoring advocacy group AAA.
However, the Fed has indicated that several monthly declines in CPI growth will continue before the tightening of monetary policy that it has applied to control inflation, currently at four-decade highs, ceases.
Food is a component of the CPI and continued to rise in July, rising 1.1% after rising 1.0% the previous month.
Associated Press/OnCuba
