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US prices rose 3.4% in the year to July, slightly lower than the 3.5% in the year to June, new figures show. <\/b><\/p>\n
Month to month, inflation rose 0.1%, mainly due to an increase in housing costs, the Bureau of Labor Statistics said. Even small moves in rent can lift the overall headline figure as it makes up a large share of household spending. <\/p>\n
Food prices rose only slightly in July and at a slower rate than in June, while energy prices fell, offering some relief for consumers. <\/p>\n
Prices excluding food and energy rose 0.2% after staying flat in June, with medical care and airline tickets edging higher and car insurance continuing to fall. <\/p>\n
The new Federal Reserve chair, Kevin Warsh, has said the central bank’s priority is to “keep inflation moving down” while avoiding unnecessary shocks to the economy. <\/p>\n
President Donald Trump has also said inflation is still too high for many families, pointing to rent and grocery bills as signs that costs of living remains a major concern. <\/p>\n<\/div>\n