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USA: Slowest US inflation since 2021 raises rate cut hope
Miami, United States - August 02, 2024
Consumer prices in the US rose at the slowest pace in more than three years last month, bolstering the case for the central bank to start cutting interest rates.
Overall, prices rose 2.9% over the 12 months to July, the smallest annual increase since March 2021 and down from 3% in June, the Labor Department said.
The monthly inflation report was being closely watched after signs of weaker-than-expected jobs growth in July sparked stock market turmoil and recession fears earlier this month.
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