Annual inflation falls to 2.9 percent despite July price uptick ...Middle East

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Annual inflation falls to 2.9 percent despite July price uptick
Consumer prices rose 0.2 percent in July following two straight months of flat or declining prices, the Labor Department reported Wednesday. The consumer price index (CPI) also slowed to a 2.9 percent annual increase in July, down from 3 percent in June. The latest inflation reading comes as the Federal Reserve gears up for long awaited interest rate cuts ahead of the upcoming election, and at a moment of economic anxiety as the unemployment rate has started to tick up. Borrowing costs have remained at a 23-year high since last July when the Federal Open Markets Committee (FOMC) hiked rates to a range of 5.25 to 5.5 percent.  The committee has voted to keep rates at the curren

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