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Economic Report: U.S. consumer inflation remains soft in July, CPI shows

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Chicago Fed President Charles Evans said that innovation from companies like Amazon.com could be holding down inflation pressures.

U.S. consumer prices remained soft for the fifth straight month in July, raising more questions about whether inflation will eventually rise to hit the Federal Reserve’s 2% annual rate target.

The consumer price index rose a seasonally adjusted 0.1% in July, the Labor Department said Friday.

Food prices rose 0.2% in July while energy prices slipped 0.1%.

The core CPI, which excludes volatile food and energy costs, also rose 0.1%. Economists surveyed by MarketWatch had expected both the overall CPI and core rate to increase by 0.2%.

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