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

(KUNA) – The U.S. Department of Labor revealed in a report on Wednesday that the Consumer Price Index rose by 0.1 percent in July, bringing the annual inflation rate down to a low of 3.4 percent.

The U.S. news network CNBC reported that the data 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 significantly above the Federal Reserve’s 2 percent target.