US consumer prices increase as expected in July

WASHINGTON: U.S. consumer prices rebounded as expected in July, but the trend remained consistent with subsiding inflation and did not change expectations that the Federal Reserve will cut interest rates next month.

The consumer price index increased 0.2% last month after falling 0.1% in June, the Labor Department's Bureau of Labor Statistics said on Wednesday. In the 12 months through July, the CPI increased 2.9% after advancing 3.0% in June.