Consumer Price Index Indicates 3.4% Annual Inflation Rate After July Hike

The consumer price index (CPI) registered an annual inflation rate of 3.4% after a 0.1% increase for the month of July. “In-line inflation will keep the ‘no need to hike rates’ narrative that took hold after last week’s jobs report intact,” said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management (more).