US July inflation slows despite energy shocks

Despite renewed tensions with Iran and rising oil prices, the United States saw a slowdown in inflation growth in July, with the Consumer Price Index increasing by 3.4% annually, matching expectations. Energy prices fell after tensions escalated. Meanwhile, core inflation—which excludes food and energy—rose by 2.5% annually. The labor market's decline, with the country losing 23,000 jobs in July, has led to divisions among Federal Reserve officials regarding the interest rate hike in September, with market expectations indicating a 50% chance of a 25 basis point increase.

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