The rate of U.S. inflation fell in July from a 40-year high and it's on track to subside again in August, but consumer prices are still rising too rapidly to...
The U.S. inflation rate is on track to fall in August after slipping from a 40-year high in July, but consumer prices are still rising too rapidly to prevent another big increase in the Federal Reserve’s benchmark interest rate at its meeting later this month.
Economists polled by The Wall Street Journal predict consumer prices declined by 0.1% in August. The CPI is published on Tuesday morning. Fed officials believe inflation is starting to slow, but they are worried about a broadening of prices pressures to a wider range of goods and services over the last year that encompass most of the economy.
The Fed views core inflation as a better tool to determine where inflation is headed. And right now, Fed officials see price pressures as still far too high. But a particularly soft CPI report could sway the Fed to lift rates by just 1/2 percentage point, some economists say.
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