With inflation easing and the labor market cooling, the risks of keeping policy too tight are mounting. The CME Group now puts the implied odds of a September rate cut at 92.2 percent, reflecting growing expectations in the fed funds futures market that the Fed will respond to the softer data.

Consumer prices were up 2.7% in July from a year earlier, unchanged from June’s gain

San Diego’s inflation rate was 4% in July — fueled primarily by rising prices for food, medical care and cars — making it highest in the nation.

Inflation held steady in July and ran slightly cooler than expected, increasing the odds of a Federal Reserve rate cut next month.

The Producer Price Index saw its biggest monthly gain since June 2022, the Bureau of Labor Statistics said Thursday.

Canada's annual inflation rate eased to 1.7% in July from 1.9% in the prior month as lower year-on-year gasoline prices kept the consumer price index low, data showed on Tuesday.

The pace of inflation in Canada cooled last month, offering some hope the central bank will resume lowering interest rates to help revive a sluggish economy being held down by trade uncertainty.

Higher food and airfare prices pushed U.K. inflation above expectations in July. The development has tempered market expectations that the Bank of England will cut interest rates again this year.

Canada’s inflation rate fell by slightly more than expected in July to 1.7 per cent, which economists say could pave the way for the Bank of Canada to resume cutting interest rates.

Japan's core inflation rate in July likely slowed from the previous month but remained above the Bank of Japan's 2% target, a Reuters poll showed, adding to pressure on the central bank to raise interest rates.

The annual rate of inflation cooled to 1.7 per cent in July, according to Statistics Canada, down from 1.9 per cent in June. Lower gasoline prices fuelled the decline, but the agency says Canadians were facing higher costs at the grocery store last month.