Headline RoundupAugust 10th, 2022

Inflation Slowed in July but Remained Near Record High

AllSides Summary

The pace of U.S. inflation slowed in July for the first time in months.

The Consumer Price Index (CPI) held steady between June and July, and rose 8.5% from a year earlier, according to the Department of Labor. In June, inflation rose 1.3% from May and 9.1% over the previous year, which set a new 40-year record. Economists surveyed by Refinitiv expected annual inflation to rise 8.7% headline and monthly inflation to climb 0.2% in July.

Energy prices overall fell 4.6% from June as gas prices dropped, but energy costs remained 33% higher than they were a year ago. Food prices rose 1.1% from June to July, and are up 11% from a year prior. The "food at home" index rose 13.1% over the last 12 months, the largest annual increase since March 1979. 

Sources across the spectrum, especially those on the left and center but also on the right, covered the data similarly and highlighted how inflation rose less than expected between June and July. CNN Business said months of high inflation "pose a growing challenge for the Federal Reserve." Fox Business said Wednesday's report is "a welcoming sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand."

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