The White House today highlighted July’s inflation numbers, which came in better than economists predicted. The Bureau of Labor Statistics reported a 2.7% inflation rate for July, just under the expected 2.8%. While core inflation—excluding food and energy—rose slightly due to higher service costs, overall inflation remains stable, averaging 1.9% annually in the first half of the year.
Energy prices continued to decline, and shelter inflation hit its lowest point since October 2021. Wage growth outpaced inflation, with real wages rising 1.3% year-over-year. Meanwhile, small business optimism reached a five-month high.
Financial expert Tony Drake of Drake and Associates joins Alicia Summers to weigh in on factors cooling inflation, ongoing price increases in services, what’s driving small business optimism, and the prospects for a Federal Reserve interest rate cut.
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