The US consumer price index rose by 8.5% year on year in July, a slower annual increase compared with June.⁠ ⁠ Inflationary pressures have been eased on the back of lower petrol prices.⁠ ⁠ The data, though, are unlikely to represent a large enough shift to stop the Federal Reserve from ploughing ahead with more aggressive tightening of monetary policy to subdue inflation.⁠ ⁠ The inflation data were released after a strong jobs report last Friday that stamped out fears of a near-term recession but suggested the Fed was struggling to cool down the overheated economy.⁠ ⁠ Tap the link in our bio to see our global inflation tracker, where you can explore inflation data for your country.⁠ ⁠ #inflation #US #economy #USeconomy #financialtimes #recession