FX.co ★ US July CPI Eases to 3.4% Year-on-Year, Marking Slight Cooling in Inflation

The United States Consumer Price Index (CPI) rose 3.4% year-on-year in July 2026, easing slightly from a 3.5% annual increase recorded in June 2026. The latest data, updated on 12 August 2026, indicate a modest cooling in inflationary pressures on a year-over-year basis.

Both the current and previous readings reflect changes compared with the same month a year earlier. June’s 3.5% figure measured price growth versus June of the prior year, while July’s 3.4% reading compares prices with July a year earlier. The marginal slowdown may be closely watched by investors and policymakers as they assess whether inflation is continuing to trend lower after its earlier peaks.