US inflation slows by less than expected
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Annual inflation in the US was 3.1%, down from 3.4% a month earlier, which was higher than the expected 2.9%. Price increases in housing and food offset the decline in petrol prices. Financial markets in the US opened lower after the report, indicating concerns about inflation. Inflation spiked above 9.1% in June 2022 due to the war in Ukraine. Supply issues have improved and demand has moderated, but price increases continue, especially for services. Core inflation, which excludes food and energy prices, remained unchanged at 3.9%. The jump in prices has affected incomes and fueled dissatisfaction among voters ahead of the presidential election in November.
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