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Inflation cools slightly in July, but overall prices still rise
July CPI increased 3.4% year over year, with gasoline, groceries, and car insurance down while shelter, health care, and airline fares rose.
Rising costs remain a live issue for Americans even as inflation cooled slightly in July, according to Yahoo Finance. President Donald Trump recently said during remarks in Ohio on Aug. 11 that prices are “dropping fast,” while pointing to strength in the stock market and jobs.
The latest government data cited by Yahoo Finance show the Consumer Price Index rose 3.4% in July from a year earlier, easing from 3.5% in June but still above the Federal Reserve’s 2% target. The CPI also rose 0.1% from June to July.
Yahoo Finance reports that some categories declined in July, including gasoline, grocery prices, and car insurance. Gasoline fell 2.9%, groceries declined 0.1%, and car insurance dropped 0.3%.
At the same time, Yahoo Finance says other costs continued to climb, including shelter, health care, and airline fares. The story frames the dynamic as a slowing rate of inflation rather than broad price declines, noting that overall prices remain higher than the level the Fed wants.
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