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Economic News

United States: Annual Inflation Slowed in July

August 10, 2022
Benoit P. Durocher
Principal Economist

Summary of the publication

The US consumer price index (CPI) was unchanged in July after rising 1.3% in June. This is the smallest monthly price change since early May 2020 at the height of the pandemic.

Gasoline prices fell 7.6% in July, offsetting higher prices for food (+1.1%) and shelter (+0.5%).

Core CPI, which strips out food and energy, rose 0.3%. 

The all items index increased 8.5% for the 12 months ending July, less than the 9.1% advance in June. Core CPI rose 5.9%, unchanged from last month.

PDF Publication Indicateurs économiques de la semaine du 18 au 22 juillet 2022

See the full publication in PDF.