- Consumer prices jumped 8.5 percent in July compared with a year earlier, the government said Wednesday
- On a monthly basis, prices were unchanged from June to July, the smallest increase for more than two years
- However, prices are spiking across a wide variety of goods and services – leaving most Americans worse off
- Paychecks are rising faster than in decades but not enough to keep up with costs for items like food and rent
- Wall Street immediately reacted to the update, with the Dow Jones, S&P 500 and the Nasdaq all surging today
Biden: "Today we received news that our economy had zero percent inflation in the month of July. ZERO percent."pic.twitter.com/fQ07bA7KCK
— Daily Wire (@realDailyWire) August 10, 2022
Elsewhere in inflation updates today:
- Wall Street immediately reacted to the update, with the Dow Jones, S&P 500 and the Nasdaq all surging;
- The dollar fell by more than one percent on Wednesday following the cooler-than-expected inflation report;
- Oil shipments from Russia through a critical pipeline to several European countries are expected to resume;
- Traders slashed bets the Fed will deliver a third straight 75-basis-point interest rate increase in September;
- US Treasury benchmark 10-year note yields fell to 2.69 percent from around 2.81 percent before the data.