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Energy prices declined 1.5 percent in July but remain 14.7 percent higher compared with a year ago. United States consumer inflation has slowed in July amid a short retreat in energy prices and hopes that the Strait of Hormuz would reopen. Shipping continues to be severely disrupted since Iran established a maritime “toll booth” in the strait shortly after the US and Israel launched a war against the country in late February. Consumer inflation rose by 0.1 percent compared with this time last month but was 3.4 percent higher than this time a year ago, according to data released by the Department of Labor’s Bureau of Labor Statistics (BLS) on Wednesday. Inflation has been largely driven by fuel prices, which, despite a temporary reprieve, are rising.
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Energy prices declined 1.5 percent in July but remain 14.7 percent higher compared with a year ago. United States consumer inflation has slowed in July amid a short retreat in energy prices and hopes that the Strait of Hormuz would reopen. Shipping continues to be severely disrupted since Iran established a maritime “toll booth” in the strait shortly after the US and Israel launched a war against the country in late February. Consumer inflation rose by 0.1 percent compared with this time last month but was 3.4 percent higher than this time a year ago, according to data released by the Department of Labor’s Bureau of Labor Statistics (BLS) on Wednesday. Inflation has been largely driven by fuel prices, which, despite a temporary reprieve, are rising.
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