US inflation cools quicker than expected in sign Fed’s rate hikes are quashing prices

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City AM

By Jack Barnett US inflation is cooling much quicker than experts are betting in a sign the Federal Reserve’s series of steep rate hikes are quashing price pressures. Prices climbed 8.5 per cent annually in the world’s biggest economy last month, down from a 40-year high of 9.1 per cent, the US Labor Department said today. Wall Street had expected headline consumer price index inflation to have dipped to 8.7 per cent in July. The fresh figures are likely to dial down calls for another super-sized rate hike from the Fed, analysts said. “This report will no doubt be a welcome relief [for the Fed...

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