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Inflation steady in July as Trump tariffs loomed
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Consumer prices rose 0.2 percent in July, according to data released Tuesday by the Bureau of Labor Statistics (BLS), as the economy braces for President Trump’s full tariffs.
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The latest reading of the consumer price index (CPI) showed monthly and annual inflation plateauing as declining gasoline prices wiped out increases in the costs of medical care, airfares, household furnishings and a wide range of other goods and services.
Prices rose 0.2 percent on the month and 2.7 percent over the past year, according to the BLS, in line with June levels.
But core inflation — which strips out volatile food and energy prices — came in at 0.3 percent higher over the past month and rose 3.1 percent over the past year.
The July CPI report was largely in line with the expectations of economists, who projected a 0.2 percent monthly increase in prices and an annual inflation rate of 2.7 percent, according to consensus estimates.
We have more here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Small-business optimism rises amid tariff uncertainty
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Optimism among small businesses rose last month, with respondents reporting better business conditions, despite uncertainty around tariffs and inflation.
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S&P hits record high as stocks rise on inflation data
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The S&P 500 index rose to a record high Tuesday as July inflation data raised Wall Street’s hopes for rate cuts.
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Trump BLS pick suggests suspending monthly jobs report over data concerns
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Related video: White House Says Trump Tariffs Are Good For Business
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Spirit Airlines warns about its ability to stay in business over next year
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Spirit Airlines is sounding alarms about its future operations less than six months after the Florida-based budget air carrier emerged from bankruptcy protection.
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Branch out with more stories from the day:
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‘Crazy!!’: How Labor Statistics staff reacted to Trump firing commissioner after dismal jobs report
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WASHINGTON (AP) — “Depressing.” “CRAZY!!” That’s how staff at the Bureau of Labor Statistics …
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Business and economic news we’ve flagged from other outlets:
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Gaming Out the Price of a Trump Trade Deal With China (NYT)
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Circle shares fall after stablecoin issuer says it will offer 10 million shares (CNBC)
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Opinion related to business and economic issues submitted to The Hill:
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We need more budget bipartisanship, not less
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You’re all caught up. See you tomorrow!
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