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US inflation slows in July, clearing way for a cut in interest rates

US inflation slows in July, clearing way for a cut in interest rates

Year-over-year inflation has reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the United States Federal Reserve for an interest rate cut in September.

Wednesday’s 

showed that consumer prices rose just 0.2 percent from June to July after dropping slightly the previous month for the first time in four years. Measured from a year earlier, prices rose 2.9…

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