Inflation Increase in July

Inflation picked up in July, but remained cool enough to lock in a rate cut from the Federal Reserve next month. Consumer price index climbed 2.9% from a year earlier. Core inflation rose 0.2%, with energy prices remaining unchanged for the month.

Inflation and Housing Costs

Shelter prices continued to climb rapidly in May, with rent index up 5.3% YoY. Home prices and rents rising in a higher interest rate environment. Energy prices fell in May while grocery prices remained flat.

U.S. and Britain Conduct Airstrikes in Yemen; British Treasury Chief Announces Tax Cuts

The U.S. and Britain conduct airstrikes targeting Iran-backed Houthis in Yemen following attacks in Iraq and Syria. British Treasury Chief announces tax cuts to improve Conservative Party's ratings ahead of a general election. The economy faces challenges from recession, inflation, and energy price spikes.