The annual inflation rate in the US fell in July to 2.9%, which was lower than expectations that it would stabilize at 3%, unchanged from the previous two months.
This new inflation rate, which is the lowest in more than 3 years, will boost hopes that the US Federal Reserve will cut interest rates soon.
On a monthly basis, consumer prices rose by 0.2%, which was in line with expectations, after recording -0.1% in June.
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