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Inflation Cools in July as Powell Set for Key Speech on Interest Rates | Economy
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Inflation Cools in July as Powell Set for Key Speech on Interest Rates | Economy

Inflation moderated slightly in July, according to a price measure favored by the Federal Reserve, the Bureau of Economic Analysis reported on Friday.The personal consumption expenditures price index fell 0.1% for the month from June, although the core index excluding food and energy rose by the same amount. Year over year, the index rose at a 6.3% rate, down from 6.8% previously. Economists had forecast a 6.4% rate for July.The annual rate of increase in the core index dropped from 4.8% in June to 4.6%.“Prices for goods decreased 0.4% and prices for services increased 0.1%,” the bureau said. “Food prices increased 1.3% and energy prices decreased 4.8%.”The release was eagerly anticipated by economists ahead of a speech by Fed Chairman Jerome Powell at Jackson Hole, Wyoming, where the c...