Inflation eases as consumer prices rise 6.3% in July

Inflation eased last month as energy prices tumbled, according to a report closely watched by the Federal Reserve.

WASHINGTON — Inflation eased last month as energy prices tumbled, raising hopes that the surging costs of everything from gasoline to food may have peaked.

On Friday, regulators in the U.K. said that residents will see an 80% increase in their annual household energy bills. The Commerce Department also reported Friday that Americans’ after-tax personal income rose 0.3% from June to July after adjusting for inflation; it has fallen in June. Consumer spending rose 0.2% last month after accounting for higher prices.

Fed Chair Jerome Powell was scheduled to give a speech Friday at an economic conference in Jackson Hole, Wyoming, where he was expected to shed light on the Fed’s plans for future interest rate hikes.

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