The inflation rate in the United States moderates to 8.5% in July

The year-on-year inflation rate in the United States stood at 8.5% last July, six tenths below the 9.1% observed in June and the lowest rise in prices since last April, according to the United States Bureau of Labor Statistics.

The relief from the rise in prices in July responded to the moderation in the rise in energy prices to 32.9% from 41.6% in June, while in the case of food, the rise in prices accelerated to 10 .9% from 10.4% in June, the largest increase since May 1979.

Excluding the impact of food and energy, the US core inflation rate in July was 5.9%, in line with the figure for the previous month.

Compared to the month of June, the monthly rate of inflation remained stable, after registering a monthly increase of 1.3% last month.

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On July 27, the Federal Open Market Committee (FOMC) of the United States Federal Reserve (Fed) raised the country's interest rates by 75 basis pointsto a target range of between 2.25% and 2.5%, its highest level since December 2018.

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