The rapid pace of US consumer price increases steadied at a 13-year high in July while month-on-month gains moderated slightly, as inflationary pressures persisted because of supply-chain constraints and soaring demand.
The consumer price index (CPI) published by the Bureau of Labor Statistics rose 5.4 per cent in July from a year ago, surpassing the 5.3 per cent expected by economists. That is in line with the 5.4 per cent increase reported in June, which was the largest such surge since 2008.
On a month-to-month basis, prices rose 0.5 per cent, compared with a 0.9 per cent gain in June.
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