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Consumer Inflation in U.S. Moderates While Remaining Elevated

  • CPI rose 0.5% in July, matching projections after 0.9% gain
  • Used-vehicle price growth eased after surging recently
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WATCH: Mike McKee breaks down the CPI report.Source: Bloomberg)
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Prices paid by U.S. consumers climbed in July at a more moderate pace, though not enough to provide major relief from the cost increases weighing on sentiment and driving policy debate.

The consumer price index increased 0.5% from June and 5.4% from a year ago, according to Labor Department data released Wednesday. Excluding the volatile food and energy components, the so-called core CPI rose 0.3% from the prior month and 4.3% from July 2020.