US inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve to continue aggressively hiking interest rates.
The consumer price index increased 8.5 per cent from a year earlier, cooling from the 9.1 per cent June advance that was the largest in four decades, Labor Department data showed Wednesday. Prices were unchanged from the prior month. A decline in gasoline offset increases in food and shelter costs.
So-called core CPI, which strips out the more volatile food and energy components, rose 0.3 per cent from June and 5.9 per cent from a year ago.
Economists in a Bloomberg survey projected a 0.2 per cent rise in the overall CPI from a month ago and an 8.7 per cent year-over-year increase. Core CPI was forecast to rise 0.5 per cent from June and 6.1 per cent from a year ago.
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