U.S. Department of Labor: Annual inflation rate reached 3.4% in July

Washington, Aug 12 (KUNA) — The U.S. Department of Labor revealed in a report issued today, Wednesday, that the Consumer Price Index (CPI) rose by 0.1 percent in July, bringing the annual inflation rate down to 3.4 percent. The U.S. news network CNBC reported that the figure matched economists’ expectations as compiled by Dow Jones. The report noted that, excluding food and energy prices, the so-called core Consumer Price Index rose by 0.2 percent. Despite these levels, inflation remains well above the Federal Reserve’s 2 percent target. (End) R.S.R./S.A.M.