scorecardresearchUS inflation slows from a 40-year peak but remains high

US inflation slows from a 40-year peak but remains high

Updated: 11 Aug 2022, 07:43 AM IST
TL;DR.
Consumer prices jumped 8.5 per cent in July compared with a year earlier, the government said Wednesday, down from a 9.1 per cent year-over-year increase in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise in more than two years.
Federal Reserve Board Chairman Jerome Powell speaks during a news conference in Washington, DC, on July 27, 2022. - The US Federal Reserve on July 27 again raised the benchmark interest rate by three-quarters of a percentage point in its ongoing battle to tamp down raging price pressures that are squeezing American families. (Photo by MANDEL NGAN / AFP)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference in Washington, DC, on July 27, 2022. - The US Federal Reserve on July 27 again raised the benchmark interest rate by three-quarters of a percentage point in its ongoing battle to tamp down raging price pressures that are squeezing American families. (Photo by MANDEL NGAN / AFP)