US inflation eases in July amid falling oil prices

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Washington (AFP) – Red-hot US inflation cooled slightly in July, which could open the door for the Federal Reserve to dial back its aggressive interest rate hikes while bringing a much-needed boost to President Joe Biden just months before crucial midterm elections. Helped by the drop in energy costs dropping in recent weeks, the annual consumer price index dipped to 8.5 percent last month, the Labor Department reported Wednesday, lower than markets were projecting. That 12-month increase soared 9.1 percent in June, the highest in 40 years, fueled by aggressive consumer spending of pandemic sa…

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