US Inflation Eases Slightly in July as Gas Prices Come Down

Gas prices are displayed at a Sunoco gas station along the Ohio Turnpike near Youngstown, Ohio, on July 12, 2022. Gene J. Puskar/AP Photo

The U.S. annual inflation was 8.5 percent in July, down from 9.1 percent in June, according to the Bureau of Labor Statistics. The market had anticipated a reading of 8.7 percent.

The core inflation rate, which excludes the volatile food and energy sectors, stayed unchanged at 5.9 percent last month. Economists had expected core inflation to rise to 6.1 percent.