Inflation held steady in July, with the Federal Reserve’s preferred price gauge showing a slight deceleration in cost pressures and defying predictions from Fed Chairman Jerome Powell that tariffs would push up consumer prices, government data released Friday showed.
The personal consumption expenditures price index rose 2.6 percent from a year earlier, matching economists’ forecasts and holding at the same annual pace as June. On a monthly basis, prices increased 0.2 percent, also in line with expectations and down from the previous month’s 0.3 percent increase.
If the July rate of inflation were to continue for the next twelve months…
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