U.S. inflation cools in July as consumer spending weakens
- U.S. consumer prices rose 3.4% in July from a year earlier, down slightly from 3.5% in June, while prices increased 0.1% from the prior month.
- A measure of underlying price pressures also eased, suggesting higher energy costs have had only a limited effect on broader inflation.
- Retail sales fell 0.6% in July, the biggest monthly drop since May 2025, after a revised 0.2% gain in June.
- Excluding sales at gas stations and auto dealers, retail sales declined 0.2% in July.
- The data came as the Federal Reserve remained divided over whether to raise interest rates, while keeping its benchmark rate unchanged at about 3.6% at its most recent meeting.
U.S. inflation cooled in July, with consumer prices up 3.4% from a year earlier after a 3.5% increase in June. On a monthly basis, prices rose 0.1%. A separate measure of underlying inflation also eased, indicating that higher energy costs have not broadly pushed up prices across the economy.
The same period showed a pullback in consumer demand. Retail sales fell 0.6% in July, the sharpest monthly decline since May 2025, after a revised gain in June. Excluding gas stations and auto dealers, sales were down 0.2%, suggesting spending weakened beyond volatile categories.
The report landed as the Federal Reserve remains split over its next move on interest rates. For markets, cooler inflation is mildly supportive for stocks and other risk assets, but weaker spending is a negative signal for consumer-facing businesses and points to a mixed overall read for investors.
美国7月通胀放缓，消费者支出同步回落
美国7月通胀继续降温，消费者价格同比上涨3.4%，低于6月的3.5%；环比则只上涨0.1%。另一项衡量潜在通胀压力的指标也有所回落，显示更高的能源成本并未广泛推升整体物价。
与此同时，消费者支出出现收缩。7月零售销售下降0.6%，为2025年5月以来最大月度跌幅，且此前6月的数据被上修为增长。若剔除加油站和汽车经销商，销售额下降0.2%，说明消费走弱并不只集中在少数波动较大的项目上。
这份数据发布之际，美联储内部仍在就利率走向分歧。对市场而言，通胀降温对股票和其他风险资产偏利好，但消费放缓对零售和其他面向消费者的行业偏利空，整体信号更接近中性偏混合。