Consumer prices fell 0.1% in July, as plunging gasoline prices dragged down a price index that's closely watched by the Federal Reserve.
, as plunging gasoline prices dragged down a price index that's closely watched by the Federal Reserve.It's an encouraging sign for the Fed as it wages an intense battle against inflation. Still, even as price gains cool they remain uncomfortably high. Inflation is still up 6.3% compared to this time last year by this measure, the highest in decades.
Excluding volatile food and energy costs, the Personal Consumption Expenditures price index ticked up 0.1% last month, a slowdown from the 0.6% rise registered in June.
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