US July inflation broke record, but Fed indicates long road before rate hikes

On Friday, August 27th, the rate of inflation in the US rose again in July and drove the increase over the past year to a 30-year high, according to the latest Commerce Department report.

The Personal Consumption Expenditure (PCE) price index climbed 0.4% in July, government figures show. It was the fifth big increase in a row. The rate of inflation in the 12 months ended in July edged up to 4.2% from 4% – the highest rate since the first Gulf War in 1991.

Yi Pan, Max Ren contributed this article

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