US consumer prices rise 0.2% in July

US consumer prices inflation ticked up 0.2% in July, according to official government statistics on Thursday, matching economists' expectations.

The US Bureau of Labor Statistics reported that month-on-month growth rate in the consumer price index (CPI) remained steady with the rate seen in June.

In terms of core prices, which strips out food and energy, inflation also came in at 0.2% – also the same as June.

Compared with July 2022, CPI inflation rose slightly to 3.2%, from 3% the month before, while core CPI slowed to 4.7% from 4.8%.

All figures came in broadly in line with consensus estimates. The data was being closely watched as the Federal Reserve comes closer to the end of its current interest rate-raising cycle.

Many economists expect the central bank to pause monetary tightening at its next meeting in September.