The United States all-items inflation increased to 2.9 percent in July 2024 on a year-on-year basis.
This is according to the US Bureau of Labour Statistics data released on Wednesday.
The Bureau noted that the Consumer Price Index for AIl Urban Consumers increased by 0.2 percent on a seasonally adjusted basis, after declining 0.1 percent in June.
Accordingly, the report indicated that inflation for shelter rose 0.4 percent in July, accounting for nearly 90 percent of the monthly increase in the all-items index.
Also, the index for food increased 0.2 percent in July, as it did in June.
“The food away from home index rose 0.2 percent over the month, and the food at home index increased 0.1 percent”, the report stated.
Meanwhile, the index for energy remained flat after declining in the two preceding months.
The development comes as Nigeria, Africa’s most populous country is expected to release its inflation data on Thursday.
Nigeria’s inflation has continued to soar since December 2022. June’s core and food inflation stood at 34.19 percent 34.19 percent and 40.87 percent respectively.
US inflation rises to 2.9% in July
