Economic Buzz: US inflation down from 3.5% to 3.4% in July

The annual inflation rate in the United States stood at 3.4% in July, down from the 3.5% rate registered in June, the US Bureau of Labor Statistics (BLS) said in its report published on Wednesday. Month-on-month, the Consumer Price Index (CPI) increased by 0.1%. The core inflation rate, excluding energy and food, stood at 2.5%, down from 2.6% in June. The food index rose 3% year-on-year and 0.1% month-on-month. Meanwhile, the energy index jumped 14.7% on an annual basis despite falling 1.5% compared to June.

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