US headline inflation edged closer to the Federal Reserve’s target in July, as the central bank considers whether to cut rates further in the next meeting.
Year-on-year inflation rose 0.1 percentage points to 1.4%, and core inflation stood still at 1.6%, the latest data release shows.
Both figures remain below the central bank’s 2% target, ahead of the next Federal Open Market Committee meeting on September 17–18.
Consumer spending continues to be a key driver of US growth. Data shows it