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Prices went up in July in line with expectations, but the year over year number dropped down to 2.9%. The next move is up to the Federal Reserve.
The CPI rose by 0.2% last month. Prices climbed 2.9% from the same time last year, beating the 3.2% headline gain forecast by LSEG economists.
The next move on inflation should come next month when the Federal Reserve meets to discuss monetary policy. They are widely expected to cut interest rates. While they have said they would wait until it got down to 2%, many think they won't hold off, and some are concerned that cutting rates too soon will lead to a new round of inflation.