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Inflation Slides to 3.4% as Wages Slip, Fed Split

8/12/2026

37 2 Full Breakdown

Summary

Story summary

The consumer price index rose 0.1% from June to July, while year-over-year inflation fell to 3.4%.
Average hourly earnings declined 0.2%, with wage growth at 3.2% last month.
Brent crude was $90 a barrel, U.S. crude near $84, with gasoline averaging $4.03 per gallon.
Cleveland Federal Reserve (Fed) President Beth Hammack urged a rate hike, while Truist U.S. economics head Mike Skordeles said data support holding rates until mid-September.

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Story summary

The consumer price index rose 0.1% from June to July, while year-over-year inflation fell to 3.4%.
Average hourly earnings declined 0.2%, with wage growth at 3.2% last month.
Brent crude was $90 a barrel, U.S. crude near $84, with gasoline averaging $4.03 per gallon.
Cleveland Federal Reserve (Fed) President Beth Hammack urged a rate hike, while Truist U.S. economics head Mike Skordeles said data support holding rates until mid-September.