Hey there, money-savvy friends! 🤑
Great news coming from across the border! The U.S. just saw its smallest annual rise in consumer inflation since March 2021. 🎉
According to the latest government data released on Wednesday, the Consumer Price Index (CPI) eased to 2.9% in July from a year ago, down a bit from 3.0% in June. That's a positive sign for those watching their wallets and for the Federal Reserve as it considers cutting interest rates. 📉
Even when we strip out the usual suspects like food and energy (you know, the things that can be super volatile), the core inflation rate cooled to an annual rate of 3.2%. That's some sweet relief! 😌
Now, month-over-month, the inflation rate did pick up by 0.2% after a decline in June, but hey, that's totally in line with what experts were expecting. No surprises there! 🤓
U.S. President Joe Biden chimed in, saying, \"Today's report shows that we continue to make progress fighting inflation and lowering costs for American households.\" He added, \"We have more work to do to lower costs for hardworking Americans, but we are making real progress, with wages rising faster than prices for 17 months in a row.\" 💪
So, what does this mean for you? Well, if the trend continues, we might see lower interest rates, which could be great news for anyone looking to invest or take out loans. Plus, a cooler inflation rate can help stabilize prices, making everyday goods and services more affordable. 🎯
Stay tuned for more updates, and keep that financial game strong! 💵🔥
Reference(s):
U.S. consumer inflation sees smallest annual rise since 2021
cgtn.com
