Consumer prices are thought to have risen just 0.2% from June to July, according to economists surveyed by FactSet.
FILE - Elise Lacroix, owner of Stop & Go in Brattleboro, Vt., changes the oil on a vehicle at her shop on July 15, 2024.
The government said nearly all the increase last month reflected higher rental prices and housing costs, a trend that, according to real-time data, is easing. Fed Chair Jerome Powell has said he is seeking additional evidence of slowing inflation before the Fed begins cutting its key interest rate. Economists widely expect the Fed’s first rate cut to occur in mid-September.
Prices are still rising sharply for some services, including auto insurance and health care. Auto insurance costs have shot up as the value of new and used vehicles has soared compared with three years ago. Economists, though, expect those costs to eventually grow more slowly.
Fed Prices Rate Cuts Economists Consumer Data Costs
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