According to the Labor Department, the US consumer price index rose by 2.9% in July 2024 compared with the same month in 2023, its lowest inflation rate since March 2021, and in line with Jefferies' expectations.

Excluding energy (+1.1%) and food (+2.2%), two traditionally volatile categories, the annual inflation rate stood at 3.2% last month, still the lowest level since April 2021 and also in line with the broker's expectations.

On a sequential basis, i.e. between June and July 2024, US consumer prices rose by 0.2%, both unadjusted and excluding energy and food.

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