US inflation eases to 3.4% in July

The annual inflation rate in the US eased to 3.4% in July, down from 3.5% in June in line with market expectations.

Monthly inflation rate was at 0.1% last month, up from minus 0.4% in June, official figures from the Bureau of Labor Statistics showed on Wednesday.

In May, the annual inflation rate hit its highest rate since April 2023, reaching 4.2%.

Among sub-indexes, energy posted the highest increase with 14.7% hike, while food inflation was at 3%.